Monday, June 8, 2020

Elliott Wave Stock Market Update - June 6

The market was able to break out of the IHS pattern and clear the last significant resistance at 3127. Which positions the market to challenge all-time highs and possibly even make new highs before a significant pullback. Completely crazy but that's what the market wants to do. Not sure how the coming peak or coronavirus will be handled but my suspicion is we might be in some sort of longer-term sideways correction that will take months or possibly years. How the market behaves when it reaches ATH should give us a better idea.

Short Term Trend = Bullish
Medium Term Trend = Bearish
Long Term Trend = Bearish

* 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

No comments:

Post a Comment