Monday, June 15, 2020

Elliott Wave Stock Market Update - June 13

The market started the week on a bullish note by reaching a high of 3233 before going into a correction and then a sell-off towards the end of the week. This abrupt move seems to have put an end to the counter-rally that started in March and we could see more selling this coming week if prices fail to maintain the low made on Thursday at 2984. I thought prices were going to challenge ATH since the NASDAQ made a new ATH but as of now, it doesn't seem like it will as long as the TA is bearish. The next key levels of support are 2950, 2850, and 2766.

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

No comments:

Post a Comment