Saturday, October 31, 2020

Elliott Wave Stock Market Update - October 31st


The market lost -5.41% for the week and closed well below the 50 DMA at 3402. Failure to recapture lost ground this coming week will just add selling pressure and will likely push prices to test the 200 DMA at 3129. The most likely scenario, if the Trend Average is not recaptured soon, is a severe substantial selloff in the next week or two and the renewal of the bear market. I assume the next few months are going to be rough for the market and the country as a whole. But at least, hopefully, we won't have a clown as a president anymore. The potential for conflict and violence in the US is high given all the political rhetoric but I think in the end we will get through this. 

Short Term Trend = Bearish

Medium Term Trend = Bearish

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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