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Saturday, May 15, 2021

Elliott Wave Stock Market Update - May 15th

 


The market finally seems to have found a top but we need to see the TA stay bearish for downside to continue. I would say the key thing to watch is for the counter-rally to exhaust before 4238 is reached. A bullish TA signal or a new ATH would invalidate the current bearish set up. I ended up selling everything I bought last month on Friday for a nice profit and I hope the bearish pattern follows through and we see substantial downside so I can buy back :) Maybe this year, we will get the usual "Sell in May and Go Away!".

Also, it is now officially 2 weeks after my second Pfizer dose so I feel a lot safer and grateful that I made it ok through the last 14 months. I hope everyone is also doing ok and immunized as well. Hopefully, this will be the one and only pandemic we will see in our lifetimes.

Short Term Trend = Bearish

Medium Term Trend = Bullish

Long Term Trend = Bullish

For detailed wave analysis visit http://ewaveanalytics.com

* 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


Sunday, May 2, 2021

Elliott Wave Stock Market Update - May 01st

 


The market managed to make another marginally higher ATH after our last update at 4218 before losing some ground and closing the week flat. Prices saw little volatility during the week and we could be seeing a sideways correction that is consolidating gains before another leg higher. The bias remains bullish and new all-time highs are to be expected as long as the short-term trend remains bullish. With that said, there is now a bearish cross on the daily MACD and we are getting closer to a significant top.

Also, I finally got my second shot of the Pfizer vaccine and I am relieved! hopefully, life will be closer to normal in the next month or two. Just hope there isn't some variant that will screw things up.

Short Term Trend = Bullish

Medium Term Trend = Bullish

Long Term Trend = Bullish

For detailed wave analysis visit http://ewaveanalytics.com

* 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