Wednesday, February 17, 2021

Elliott Wave Stock Market Update - February 17th


The market has rallied to new highs right after the last update but has traded in a tight range for the last 8 sessions. The TA changed to bullish during the initial rally and has been bullish since but unless there is another leg to the rally soon we could see the trend turn bearish again. The rally is now stretched and there is plenty of talk of a bubble at this point so we could see this thing finally pop soon. I find it amazing that we are in 2011 and we haven't seen any significant bear markets for over a decade, this is now the longest bull market ever! 

Short Term Trend = Bullish trend being challenged

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