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US Stocks at Critical Inflection Point: Will Established Trend Persist?


A look at the long-term bull and bear Elliott Wave counts.

Both of those facts suggest buyers are noncommittal at current prices, and we may see some near-term weakness to bring prices back to a level which looks more appealing. Be aware, though, that this is the type of move where -- perhaps counterintuitively -- buyers would likely step in again and chase at higher prices if the market can form a convincing breakout above 1760.

Click to enlarge

In conclusion, the long-term stock charts illustrate the importance of the current inflection point, but there's little in the way of clues as to which side will emerge victorious. At times like this, the tiebreaker generally goes to the established trend -- nevertheless, the charts do suggest there should be some degree of resistance near current price levels. Trade safe.

Follow me on Twitter while I try to figure out exactly how to make practical use of Twitter: @PretzelLogic.

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No positions in stocks mentioned.
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