Wednesday, June 8, 2016

Elliott Wave Stock Market Update - June 8

The market made a slightly higher high today despite short term oscillators resetting themselves. If the 2112.74 low doesn't get breached in pre-market or during cash hours,  we could see a gap up or a rally towards the all time high as soon as tomorrow. I assume once the market gets past the next levels of resistance, we'll see a break out just from short covering. The correction during the last year had a lot of bears and traders positioned for a bear market and a new all time high basically is a sign for them to throw in the towel.

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

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