Stock Market Update - June 17

The market had a bearish open today but was not able to follow through on the bearish count, and instead it moved up and made a higher high for the counter rally wave from 1925. Still, the bounce has been choppy and obviously looks corrective, so I am still expecting another bearish leg that will be a C or a W3. I continue to hold on to my positions as the situation in Iraq might get worse in the next few days.


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.