Tuesday, June 2, 2015

Elliott Wave Stock Market Update - June 2

The market sold off early morning as anticipated but the 50 DMA provided support for a substantial bounce. So far the last two attempts have not been able to break the 50 DMA and that in itself is not a good sign for bears. Also, the waves in the past few days don't have an impulsive look so we could be seeing more of a time/sideways correction before we see a break out to the upside. Still, the trend continues to be bearish and could see a Descending Triangle (which we haven't seen in ages), so the bias continues to be bearish but we need to see follow through selling pronto.

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

Short Term Trend = Bearish
Medium Term Trend = Bullish
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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