Tuesday, May 31, 2016

Elliott Wave Stock Market Update - May 31

Hope everyone had a good weekend. The market has continued to make higher highs but has yet to challenge the 2111 level in the cash market. As I said last week, there are enough waves to call the 5 count complete and a break of 2087 would confirm that. However, I think there is room to go higher before a proper correction so we'll find out tomorrow or Thursday. A possible catalyst for a rally in June might be the UK exiting the EU. If that were to happen, my guess is the Feds will not be raising rates which in turn provides the perfect excuse to push higher.

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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