Elliott Wave Stock Market Update - August 22nd

The market closed the week at a new all-time high as expected and if TA remains bullish, we will see new records this coming week. I think we are getting closer to a top but whether the drop happens this month, next, or even October remains to be seen. I am back to all cash on my US position and waiting for this big drop so I hope I am right on this one. Tops are notoriously hard to predict (relative to bottoms) but I am going by technicals as well as the fundamentals for the economy. So far, the recession has not been priced in at all. If anything, one would think we are having a 2% GDP growth this year.. crazy.

Short Term Trendd = 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

Elliott Wave Stock Market Update - August 15th

The market closed the week challenging all-time highs as expected. If the TA remains bullish, we will see new all-time highs in the next week or two. How much higher it will go it's anyone's guess but I believe we are close to a significant top. Not only is the market technically overbought but there are plenty of reasons of why the market will sell off. We are in a deep recession, a national health catastrophe and now a wanna-be dictator who is deliberately trying to steal an election by sabotaging voting. Hopefully, 2021 will be a completely different!

Short Term Trendd = 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

Elliott Wave Stock Market Update - August 8th

The market closed the week up +2.45% and is now headed towards an ATH challenge. In fact, if the TA remains bullish, we should see new all-time highs in the next week or two. It's such insane event if you take into consideration we just crossed 5 million coronavirus cases and the projection is now 300K deaths by December. That's more Americans dying than all wars combined since WW2 but it seems like the pandemic is not registering just yet. But as I've been saying, the time will come when all of a sudden the market realizes we are actually in a deep recession and reflect that in the numbers. Until then, the madness will continue.

Short Term Trendd = 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

Elliott Wave Stock Market Update - August 2nd

The market was able to bounce this week and regain its TA which positions the index to continue its rally towards ATH. I am not sure if prices will actually make it to new highs but at this point, it continues to look likely despite the fact we are in a recession and we have a once in a century pandemic. It will be interesting to see how all of this evolves in the next 12 months but my assumption continues to be a major, sudden sell-off in the not too distant future. If there is no reset in prices then it would mean the stock market is immune to the economy and that would be a total absurdity. I am sure the near zero interest rates and generous stimulus will help but at some point, reality must set in. 

Short Term Trendd = 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

Elliott Wave Stock Market Update - July 25

The market reached a higher high this week at 3280 but ended up reversing most of its gains. Arguably, the pattern in place is bearish unless prices are able to make a higher this coming week. The Trend Average continues to be bullish but could turn bearish if support at 3200 is broken in the next few sessions. I still favor a challenge to all-time highs before a strong sell-off takes place so we'll see how things evolve. I remember making a big deal of the US surpassing China back in coronavirus cases (80,000 cases) back in March and assuming a historical sell-off would come around this time where we have north of 3 million cases but I was completely wrong on people acting rationally. Maybe the same crowd that panicked back in March when the US had a few thousand cases will all of a sudden wake up and realize how bad things really are.

Short Term Trendd = Bullish trend being challenged
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

Elliott Wave Stock Market Update - July 19th

The market has continued to rally as expected and just needs to overcome resistance in the 3230-40 range to possibly breakout and challenge ATHs. In the meantime, the number of virus cases in the US is now out of control and there is simply no end in sight to this nightmare. The market continues to behave like the orange clown himself like nothing is happening but the inevitable will come. You simply can not deny a once in a 100-year pandemic! I read an interesting article on what JP Morgan is predicting and it just goes to show nobody knows anything at this point other than it will be bad no matter what.

https://www.cnbc.com/2020/07/18/jamie-dimons-warning-for-the-us-economy.html

In the meantime, we just need to be patient and wait for a fast cure or vaccine.

Short Term Trendd = 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

Elliott Wave Stock Market Update - July 12th

The market had another good week by closing up +4.01% and a new golden cross is officially in place. A continued rally towards all-time highs is now likely in the next few weeks but once it gets there I wonder if the fundamentals will finally catch up and drag everything back down. The virus situation is now at catastrophic levels and I don't know much more the market will ignore the fact that we are in a recession that will be long-lasting. Like I said last week, this is probably the ultimate sucker's rally as I think it's obvious a crash is coming.

Short Term Trendd = Bullish
Medium Term Trend = Bullish

Long Term Trend = Bullish