Tuesday, June 24, 2014

Stock Market Update - June 24

The market finally corrected to test the Trend Average after putting in another intraday all time high early in the morning. Going by the micro count, I see the possibility of 1941 being the target of today's wave before a counter rally. I am not labeling the waves yet but this should be an A or a W1, so there should be more selling after a rebound. Also, the daily MACD wants to roll over again and I see RSI divergence on the daily charts, so perhaps we are seeing a higher degree top? All of a sudden the media has noticed the mess in Iraq. Also, I wouldn't be surprised if Putin makes a move in Ukraine as everyone is more concerned with Iraq.

I bought back oil and continue to hold volatility. I will sell volatility depending on how the market handles the TA after a lower low.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com

Short Term Trend = Bullish
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 into consideration other factors.

Elliott Wave Analytics

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