Elliott Wave Stock Market Update - June 29

The counter rally continued today and I think we can safely say the bottom is in for the post-Brexit sell off. Obviously, this doesn't mean we can't see another zig zag develop but as of now, we have a zig zag complete from the 2120 high. A completion of the micro-count would solidify the bullish case and turn the Trend Average bullish again. I was hoping the lower end of the initial target for the correction was going to be tested but it did not. So I will be going long on the coming correction and use 1991 as the stop. The next intermediate wave could turn out to be a bullish W3 so this might be the last chance to get on board.

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Short Term Trend = Bearish trend being challenged
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.