Thursday, June 18, 2015

Elliott Wave Stock Market Update - June 18

The market is now challenging the 2120-2125 resistance level as I had been expecting and it is  crucial for bulls to make their case or risk substantial downside. The pattern I put up a few days ago is in play, so we'll just have to wait and see what is the bearish response. I am assuming the TA will be tested but if prices fall well below the TA then we will see 2072 tested again. With that said, the daily MACD is making a bullish cross and the TA is now back to green so oscillators and trends are favoring bulls but patterns favors further downside as long as the H&S like pattern doesn't get invalidated. I ended up buying back the VXX I sold a few weeks ago so hopefully it will do better this time.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit

Short Term Trend = Bullish
Medium Term Trend = Bearish 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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