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.

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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.