Elliott Wave Stock Market Update - June 4

The 50 DMA finally broke today after almost 2 weeks of bearish hesitation. However, there is a significant possibility this wave is just a C and unless the next level of support at 2085 breaks convincingly, we could see a new rally take place to another all time high. If the top is confirmed with follow through selling, we can then start working on possible downside targets. I am holding to my hedge but I'm closing it if selling doesn't accelerate. Also, I am hoping China will break out in the next few sessions after yesterday's 5% intraday dive that was erased in couple of hours.

This is my micro-count for China. I'm hoping a bullish 3rd materializes in the next few sessions and if I am right on this, there should be about a 14% upside, which will get me to my goal.

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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.