Wednesday, June 17, 2015

Elliott Wave Stock Market Update - June 17

The market reacted somewhat positively to the statement by the Feds on interest rates and was able to climb above the TA. However, the 50 DMA is still holding (2104) and unless this is a bullish 1-2 set up, the wave pattern favors renewed selling soon. The 2120-2125 area still looks like a good area for the rally to stop but I'm not so sure there is enough momentum to get there.

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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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