Elliott Wave Stock Market Update - June 10

The market sold off early in the morning today confirming the count I was following was finished at 2120. There is a clear 5 wave count from the 1810 low in February and unless the 5th wave of this structure that started at 2025 extends, we should see a correction take place in the next few weeks. A good target for this multi-week correction is 2025 or 1950 on the lower end. I will be getting ready to add long positions on this coming pullback as what would come next is a W3 that will last several months.

Whoever ends up being President will get the blame for the next bear market. Now that is down to Trump and Hilary, my guess is the clown will end up winning. Hilary has so much baggage that Trump is going to have a field day with her. Also, the fact that Trump can say whatever he wants while Hilary can't because she can't be perceived as getting as low as Trump gives him an advantage in this coming record negative presidential campaign. The presidential debates are definitely going to be entertaining.

Have a great weekend!

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com


Short Term Trend = Bullish trend being challenged
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.