Tuesday, June 30, 2015

Elliott Wave Stock Market Update - June 30

The 200 DMA got very close to be being tested today and I see a bottoming pattern in place (as long as 2,056 does not get breached), so we could start seeing a counter rally to test the TA starting tomorrow. Greece continues to dominate headlines but I think the market is starting to accept the outcome after the initial shock reaction. And if the Greeks can somehow pull something out of nowhere and get more time then that will be the perfect excuse to resume the rally. This market might or might not pull back 10% but one thing that seems likely to me is the long term rally will continue to go on until the next recession (and Greece will not be the cause of it).

Lastly, China seems to have found a bottom (it rallied 9% from yesterday's lows). If buyers start piling in now, then that market should reach a new high later in July or August and then I can finally start locking in profits. The good thing about the Chinese market now is that it trades completely on momentum, which favors the wave counting approach.

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

Short Term Trend = Bearish
Medium Term Trend = Bearish
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.

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