Elliott Wave Stock Market Update - June 6

A little over a month ago I mentioned the 2111 level as a likely target for the rally and the market not only challenged this level today but made a higher high at 2113. And if 2116 gets taken out in a micro-w3 of w5, then we will see a run towards the all time high at 2134. The jobs report is serving as the excuse to fuel to the rally and now that Yellen has given a warning on a hit  to the US economy if the UK exits the EU, I can see a big rally if the UK decides to leave the EU. A Brexit would mean there would not be any more rate increases this year. So the bias is is bullish and there is the potential of a break out fairly soon. I think where things will get tricky is when the economy does fall into a recession as the options to stimulate the economy in a low interest rate environment are limited.

Lastly, R.I.P Muhamad Ali. I was too young to watch his fights live but watching them now on YouTube, I can appreciate how good this guy really was.

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.