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Wednesday, June 17, 2020

Elliott Wave Update ~ 17 June 2020

Zero Hedge pointed out that the Robinhood trend has likely peaked.   That's the way it works. When a trend is finally recognized widely for what it is, it rarely continues.

Hertz cancelled their equity issuing plan which also confirms the trend is likely over. The market has, perhaps, awoken to the dangers that exist in bubble equity prices.

Trading today felt heavy. After yesterday's first minute peak candle, prices have not been able to match it since. The NASDAQ tried to top 10,000 again but fell short. We do have another possible non-confirmation event though as explained in last night's update. The rest of the market didn't want to follow.  The NASDAQ also failed to close its open gap down.
Apple's count finished perhaps.  Another non-confirmation, this time with the NASDAQ.
NYSE overlap.
How many people realize the Global Dow actually sits beneath its 2007 peak? And that the 2020 peak failed to confirm its 2018 high? These are the real companies making the real products that allow us to live our lives. These are the titans of industry, the real economy . And they are lagging badly.

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