Tuesday, June 14, 2016

Elliott Wave Stock Market Update - June 14

Prices made a lower low as expected and could see one more bearish wave to complete a 5 count tomorrow. Arguably, the structure could have been completed today at 2064.10 but it would look much better with another wave to test the 2050 level. The market is oversold at this point and could see a strong counter-rally once a bottom is found. I might take a long position near support in expectations of a Trend Average test.

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
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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