Elliott Wave Stock Market Update - May 29

The market has finally turned its Trend Average bearish after a comfortable close below the TA. It's still too early to confirm a bigger correction until we see a stronger bearish wave that breaks through the 50 DMA and 2085 support. But a correction is looking favorable and likely as long as we see follow through selling early next week.  Maybe bears will finally wake up?

I am keeping all my positions intact but added more China shares with the cash I had left. Corrections are to be expected but the global bull market will continue for as long as companies continue to grow their profits.

Have a great weekend!

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


Short Term Trend = Bearish
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.