Saturday, October 17, 2020

Elliott Wave Stock Market Update - October 17th


The market started the week strong and came within a few dozen points of an ATH but it struggled to hold on to gains for the rest of the week. If prices fail to make higher highs this coming week then it could turn bearish and start to sell-off substantially. But for now, the TA remains bullish and I will assume higher highs until 3340 is breached. We're a couple of weeks away from the elections and results should move the markets substantially. Also, the coronavirus is going to continue to surge to numbers not seen since the national peak in the spring and I wonder if the markets will continue to ignore the impact as it has done for the last few months. 

Short Term Trend = Bullish

Medium Term Trend = Bullish

Long Term Trend = Bullish

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* Trends are not trading signals. Trends are posted for situational awareness only and do not take into account wave counts, technical or fundamental conditions of the market. While mechanically trading the posted trends is feasible, keep in mind that these are lagging indicators and as such are prone to whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking into consideration other factors

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