Elliott Wave Stock Market Update - May 6

The IHS pattern was invalidated today with the break of 2077 and now the market is back to bearish mode again. Unless there is one more zig zag left for yet another bullish run, my feeling is the market has started to roll over. The level that confirms the market has topped is 2039.69, which is the March low. This shouldn't come as a surprise to anyone on here as we are in May and the market needs to sell off to bring some fear back, which in turn will create good opportunities to get long when pessimism is at is max.

I am looking to buy back VXX on the rebound to test the TA and hopefully this time I'll keep it for a while.

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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.