Monday, June 15, 2015

Elliott Wave Stock Market Update - June 15

We had a substantial sell off early morning that ended up testing the 2072 low thanks to the ongoing Greek debt negotiations. However, the wave managed to put a higher low so technically speaking we can still expect a wave to challenge the 2120-2125 level. Looking at the pattern on a longer time frame, I see a topping pattern in place that could send prices to sub-2000. If bulls can manage to make a new high from here then the pattern would be eliminated but the pressure is now back on the bulls. Given the fact that it is summer time, it shouldn't come as a surprise if we see further downside ahead after a bounce. "Sell in May" has proven to be a good strategy so far again. Last but not least, the medium term trend and the short term trend are now solid red.

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Short Term Trend = Bearish
Medium Term Trend = Bearish
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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