Wednesday, June 1, 2016

Elliott Wave Stock Market Update - June 1

The market broke the 2087 level I mentioned yesterday early in the morning before bouncing back for the rest of the day. I was hoping for a test of the 2011 resistance but the lower low today increases the possibility of the 5 count being completed. So I'll assume there will be a correction to test the rising Trend Average before we see higher highs for the year. I sold my long position at the end of the day for a minor profit and looking to buy back on the pullback.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit

Short Term Trend = Bullish
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. While mechanically trading the posted trends is feasible, keep in mind that these are lagging indicators and as such are prone to whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking into consideration other factors.

Elliott Wave Analytics

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