Elliott Wave Stock Market Update - June 8

Waves were pointing to a counter-rally today until 2085 broke. So despite the fact these bearish waves lack an impulsive look to them, the fact is the market remains under the Trend Average and the 50 DMA. The next levels of support at 2067 and 2039 and the pressure is now on the bulls to reverse losses or risk seeing selling accelerate.

I am now just 10% away from my goal and tomorrow might be the day that will seal the deal for me. Tomorrow the MSCI will decide whether or not to include China A share in its tracking index, if they give a favorable view then China could easily rally another 10%. If they don't, I'll just be patient.

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Short Term Trend = Bearish
Medium Term Trend = Bullish 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.