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

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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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