Elliott Wave Stock Market Update - June 3

The potential sub-division of the micro-5th wave I was looking for yesterday was voided with today's gap down opening. I was hoping the market would go down in a correction to test the Trend Average but instead the TA has caught up with the market and longer term oscillator have been resetting. I am not sure if we will see a bigger pullback next week or if the market is done with its "correction" but the bias is bullish and higher highs should come in the next week or two. Also, the bad jobs reports this morning serves as an excuse to freeze rate rises by the Feds which in turn adds to the bullish momentum in the market.

Have a great weekend!

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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.