Thursday, June 15, 2017

Elliott Wave Stock Market Update - June 15

The market gapped down today to test last week's low but it ended up making a higher low before rallying for most of the day. Today's close is the second below the Trend Average in over a month and we would need to sell follow through selling to confirm a change of trend. Also, it's worth noting there is a bearish cross on the daily MACD, which normally points to a bigger bearish wave coming. Once last week's low breaks decisively, the top at 2446 will be confirmed. If for some reason, bullish maniacs/bag holders manage to make a higher high, then there will be room for one more push higher.

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

Have a Great Weekend!

Short Term Trend = Bullish trend being challenged
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

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