Tuesday, June 9, 2015

Elliott Wave Stock Market Update - June 9

The market made a lower low as expected before attempting a bounce in the morning. I see a bottoming pattern in place and we should see the Trend Average and the 50 DMA tested on this coming counter-rally as long as 2072 holds. My assumption is the correction will continue once the counter-rally is over as long as the market stays below the TA. Last but not least, the medium term trend is about to go bearish if the market fails to close above 2100 in the next few sessions.

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 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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