Elliott Wave Stock Market Update - June 30

Last week I posted after the Brexit vote "Once people stop panicking (not us obviously since we've been anticipating this), the market will have corrected enough to launch a new rally to new all time highs". The market has continued to rally in a micro-w3 and looks like it has more to go before any significant correction. At the daily level, it is clear there is a trend reversal in place given the "three white soldiers" pattern. So unless there's some sort of bearish miracle in the works, there is a high chance this current wave is going towards a challenge to recent highs and perhaps the all time high at 2134. Once a new high is imminent, I'll be able to start working on a target for this last leg of the bull market that started in 2009.

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.