Tuesday, June 16, 2015

Elliott Wave Stock Market Update - June 16

The market rallied today as expected but we might start seeing weakness again now that the Trend Average was tested. The next couple of waves should gives us a sense of direction for the rest of the month and it comes down to how the next levels of resistance hold. Given how weak market momentum has been this year, a good correction would actually help the bullish case in the long run. There are lots of buyers on the sidelines just waiting for the market to go on "sale", the market just needs a doze of pessimism.

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

Short Term Trend = Bearish trend being challenged
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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