Friday, June 6, 2014

Stock Market Update - June 6

The micro count turned out to be correct and I'm assuming the target (1953) will be met in pre-market over the weekend or on Monday's session. The market has rallied hard in the past few sessions, however it is still within the Ending Diagonal scenario, so the probability for a sudden big drop is there. But if the market can keep rallying without pulling back past 1970, then it will mean the pattern has failed. It's hard to imagine this market going up without pulling back, but when euphoria takes over, there's simply no stopping it. I am keeping my positions as I expect a pullback starting early next week but I will cover (and take profit hopefully) if the market manages to trade above the Trend Average.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit

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

No comments:

Post a Comment