Elliott Wave Stock Market Update - May 13

The market seemed like it wanted to rally early morning but ended up reversing gains and forming a small H&S that might end up testing 2085 again. The whole move from the 2017 high could be a zig zag so a lower low should not be ruled out before another attempt to rally.  Obviously, if the market goes lower and loses its 50 DMA, then 2039 will be the level to watch to confirm a bigger correction coming.

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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.