Stock Market Outlook entering the Week of October 8th = Uptrend
- 20/50 Day Moving Averages: Uptrend
- Price & Volume Action: Uptrend
- Objective Elliott Wave Analysis: Uptrend
No changes again this week, after another strong showing by the US markets; volatility is approaching record lows again. Now is the time when most investors get complacent; don’t be most investors. Stick to your rules, lock in gains when targets are hit, and always keep your losses small.
All the indexes remain above their 20 and 50 day moving averages.
Price and volume action continues to look positive as more distribution days fell outside the tracking timeframe.
OEW remains in a uptrend; when it completes, be on the lookout for our largest corrections since 2016. Although, that’s probably on the order to 7-10%, so more of a buying opportunity.
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You can check out how well (or poorly) the outlook has tracked the market using past performance estimates:
For the detailed Elliott Wave Analysis, go to the ELLIOTT WAVE lives on by Tony Caldaro. Charts provided courtesy of stockcharts.com.