Monday, June 13, 2016

Elliott Wave Stock Market Update - June 13

The sell off continued today and the market closed below the 2085 support level. While a bounce could occur in the next sessions or two, the next level of significant support is around the 2050 level and 2025. So we could see selling accelerate until a floor is found for a counter-rally. I will go long if the 2025 level gets tested and will use the 200 DMA as the stop.

National mood is obviously affecting the market after what happened in Orlando. It is very clear to me that ISIS is waging a war against us by producing propaganda for susceptible idiots here to consume and launch these types of attacks. A terrorist doesn't need to go to Iraq to train, all they need is an internet connection to be radicalized. So I hope Obama and the next President identifies the root of the problem and eradicates it. Obama keeps on talking about Muslims when the problem is ISIS and Al Qaeda. These groups need to be dealt with (and not with Obama's wishy washy strategy) and destroyed or they will keep doing this to us.

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

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. 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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