Elliott Wave Stock Market Update - May 30

The market bounced today but found resistance at old support (2801). I'd be surprised if the bounce manages to test the TA but we'll find out tomorrow. The market might be getting ready for a serious sell-off after the bounce is over to welcome June.

Short Term Trend = Bearish
Medium Term Trend = Bullish

Long Term Trend = Bullish

* Trends are not trade signals. Trends are posted for situational awareness only and does 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

Elliott Wave Stock Market Update - May 29

The market broke support at 2801 and I think this makes the top official. I expect prices to lose the 200 DMA at 2776 and possibly turn the long term trend bearish in the next few weeks. The yield curve inversion, trade conflicts and summer are all reasons to stay away from equities. I sold everything today and will buy back the position eventually but for now I am mainly cash in my trading account. We'll see if a trump bear market will finally materialize!

Short Term Trend = Bearish
Medium Term Trend = Bullish

Long Term Trend = Bullish

* Trends are not trade signals. Trends are posted for situational awareness only and does 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

Elliott Wave Stock Market Update - May 28

The market came really close to breaking 2801 support today and I think there is a high chance prices will go much lower soon. I thought maybe there was enough for one more rally but there is no reason for traders to jump in at this point so I guess we'll see just how strong the summer correction will be. Sell in May and go away!

Short Term Trend = Bearish
Medium Term Trend = Bullish

Long Term Trend = Bullish

* Trends are not trade signals. Trends are posted for situational awareness only and does 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

Elliott Wave Stock Market Update - May 24

The market closed the week in a down note and the IHS pattern I had been following has turned into something else. The fact that the low from the sell-off yesterday was higher than 2801 is actually a good sign for bulls. But trade below the TA places selling pressure on the market and we could see support break next week. If prices manage to respect 2801 and 2804 then we might see another rally attempt. I am holding to my positions but will have to hedge the position if prices fall below support.

Have a great long weekend!

Short Term Trend = Bearish trend being challenged
Medium Term Trend = Bullish

Long Term Trend = Bullish

* Trends are not trade signals. Trends are posted for situational awareness only and does 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

Elliott Wave Stock Market Update - May 22

The market closed slightly down today but remains above the TA and another bullish day would turn the TA bullish. I think the whole trade war issue is the perfect excuse for a summer correction and even if we get another bullish run I doubt it can go much higher given the economic backdrop and seasonality. Still, I closed my shorts yesterday and added to longs with the stops at support. Maybe we'll see another attempt at new highs that will fall short?

Short Term Trend = Bearish trend being challenged
Medium Term Trend = Bullish

Long Term Trend = Bullish

* Trends are not trade signals. Trends are posted for situational awareness only and does 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

Elliott Wave Stock Market Update - May 20

The market closed down again today and below the TA so the bias continues to be bearish. However, I also see the right shoulder of the Inverted Head and Shoulders forming nicely so if support at that level holds then we will probably see a change in trend to the bullish side fairly soon. I might liquidate my shorts tomorrow depending 2825-2831 holds and might even go long given the risk/reward scenario.

Short Term Trend = Bearish
Medium Term Trend = Bullish

Long Term Trend = Bullish

* Trends are not trade signals. Trends are posted for situational awareness only and does 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

Elliott Wave Stock Market Update - May 16

The market was able to close above the TA for the first time in couple of weeks and now that there is a bottom pattern in place we could see a rally attempt in the next few sessions. I will be covering my short from couple of weeks if the TA turns bullish or if I see key support holding. In fact, I might even add to longs using support as stops given the risk/reward.

Short Term Trend = Bearish
Medium Term Trend = Bullish

Long Term Trend = Bullish

* Trends are not trade signals. Trends are posted for situational awareness only and does 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