Thursday, June 11, 2015

Elliott Wave Stock Market Update - June 11

The bounce wave followed the micro-count posted yesterday and made a higher high today, managing to turn the short term trend positive for the first time in weeks. My assumption is this bullish wave will be retraced and another bullish wave will come to challenge the 2120-2125 resistance area. What happens at that point will probably define the rest of the summer as that level could form the right shoulder of a bigger H&S with a target of well under the 200 DMA. If bulls manage to break through that resistance level then we should see a good rally to new all time highs.

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Short Term Trend = Bullish
Medium Term Trend = Bullish trend being challenged
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.

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