Tuesday, June 26, 2018

Elliott Wave Stock Market Update - June 26

Prices counter-rallied today and closed the session slightly positive. However, I doubt there is enough strength to test the TA so I assume there will be more selling ahead. The next significant level of support is 2676 and we could see the market form a H&S pattern if that support level is tested successfully. That would an easy low risk bearish trade set up if it forms.

Short Term Trend = Bearish
Medium Term Trend = Bullish trend being challenged
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

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