Elliott Wave Stock Market Update - June 16

The market made a lower low and tested the 2050 level as expected before rallying for the rest of the day to end in positive territory. The next level of significant resistance is 2085 and I am assuming the Trend Average will tested around that level. What happens after that test remains to be seen as the selling will continue if the TA remains bearish. I ended up going long near support as planned and I already raised my stop to break even. I will start selling half or all at 2085 or the TA.

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Short Term Trend = Bearish
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.