Elliott Wave Stock Market Update - June 2

The market closed at a higher high and it now seems headed towards a challenge to the 2111 level. I had to shift the labels to adjust the micro-count to reflect the low yesterday as a W4. And again, while this count could technically be completed because of today's higher high, if the wave from 2085 to 2100 is a W1 of a W5, then the target is 2120-2125.

I know a lot of bears have been getting screwed by the "bear market" but this whole thing had been expected. The LT-W4 correction has had enough to time to reset long term oscillators and we should see the all time highs get taken out fairly soon as long the Trend Average stays bullish. I'll take a short position towards a push to resistance to profit from a correction but then I will go long again.

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


Short Term Trend = Bullish
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.