Elliott Wave Stock Market Update - June 15

Prices jumped early in the morning only to sell off in the last hour of trading. The pattern lines up with a 5 count that will end up making a lower low in the next day or two. And as I said couple of days ago, a test of the 2050 support level would be ideal for the count to finish and then have a rally to test the declining Trend Average. I will go long if I see the 5 count complete and will be using support as my stop.

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.