Stock Market Update - June 13

The market bounced as I had expected and if this we get a zig zag then we could see 1945 on Monday. But if the market rallies hard on a bullish W3 then I have 1960 as a target based on the micro count. However, given the situation in Iraq, anything could happen as traders are taking the situation seriously. The latest I read was the ISIS making a push towards Baghdad and now Iran sending fighters to help Iraq, so this could get messy in the next few weeks. The uncertainty of this situation and a continued spike in oil should cause a real correction in the stock market. I am keeping my oil positions and will consider buying back volatility if the market is able to bounce on Monday.

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

Have a great weekend!

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.