Elliott Wave Stock Market Update - June 17

The market went into consolidation mode today and there is arguably a Diamond Bottom pattern in place. We'd have to see a decisive move above 2079.62 to confirm the pattern and would imply a target of 2100. At the same time, if prices break below 2062.84 then the pattern is eliminated and the low set yesterday would be tested. Since the Trend Average hasn't been tested yet, I favor a bullish break out of the pattern. I raised my stop to 2062 and still looking to start selling on a TA test. Ideally, we'd see the counter-rally exhaust and then another wave to take the market to the 2025 level.

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 = 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.