Elliott Wave Stock Market Update - June 14

The market continued its sideways consolidation today and it seems like it is getting ready for a push higher before a real correction begins. We might just see prices attempt a new ATH in the next week or two.

Have a great weekend!

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

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 - June 13

The market has consolidated gains in the past couple of sessions and we could see prices rising higher.  There is technically a 5 count in place but there is from for another bullish leg before a top. I am waiting on the sidelines patiently :)

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

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 - June 10

Last week I mentioned the market was about to either make a strong counter-rally or accelerate the sell-off going by the wave pattern. Since then, prices have staged a very strong rally that could even reach all-time highs. So, if the zig zag pattern proves correct, then we should see a top in the next few days just short of ATH or a new high that sends prices collapsing suddenly. The only way, the current rally would prove sustainable is if the correction makes a series of higher lows during pullbacks. I am completely out of the market and not planning to jump in anytime soon. The Feds willingness to cut rates is actually a bearish sign and so is the inverted yield curve so we'll see how this ends up evolving in the next few weeks.

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

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 - June 5

The market had another good day today and the close was well above the TA. It's hard to tell of the TA will turn positive during this counter-rally but I continue to assume selling will resume after the bounce is over.

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

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 - June 4

The market staged a strong rebound today that tested the TA exactly at 2804. The excuse for the rally was the Fed statement of willingness to drop rates to support the economy but a statement like that could also be interpreted as they fear the economy will soon be in trouble. The rally might continue tomorrow but the set up is now bearish.

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

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 - June 3

The market made another lower low today but the damage was not as bad. The NASDAQ on the other hand is in correction territory and I think is safe to assume all other indexes will soon follow. We could see a substantial bounce in the near term or a very strong sell-off as looking at the waves one could argue for an end of an ABC or a bearish 1-2 set up. Whatever the case, pressure is now on the bulls.

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

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 31

The market made another lower low today and it closed the week below the 200 DMA. This makes a much stronger sell-off likely in the next week or two unless there is some sort of bullish miracle. Trump's surprise tariff hike on Mexico was the catalyst but it's not just Mexico in my opinion but his general way of conducting business. Mexico had been working on a free trade agreement that had been basically a done deal. If Trump is able to dishonor agreements whenever he feels like it, what incentive does China or any other country have to trust this man and make concessions? This trade war is looking like the reason the economy will go into a recession. The stock market will be the first to raise the red flag and a true bear market should confirm a downturn next year and hopefully the election of another President.

Have a great weekend!

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