Tuesday, June 4, 2019

Elliott Wave Stock Market Update - June 4

The market staged a strong rebound today that tested the TA exactly at 2804. The excuse for the rally was the Fed statement of willingness to drop rates to support the economy but a statement like that could also be interpreted as they fear the economy will soon be in trouble. The rally might continue tomorrow but the set up is now bearish.

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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