Elliott Wave Stock Market Update - May 11

The market started to pullback after challenging the high from last week and we now need to see how the TA/50 DMA will hold on the correction. If prices are able to hold above 2100, there's a good chance the all time high will be challenged. However, if the market goes below the 50 DMA again we could see the start of a bigger correction that will last a few weeks/months. Bonds yields rose the most in 2 months today and that could be a sign the market will start rolling over soon.. we'll see.

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Short Term Trend = Bearish 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.