PMKing Trading LLC
Market Perspective Archive June 1st 2006
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φ A Medium-Term and Long-Term US Market Perspective June 1st 2006

Overview

This market perspective is based on the Elliott Wave Principle and represents a best estimate of the most probable future market direction. For more information regarding Elliott Wave Principle please see our Elliott Wave International site review here.

Legend

—
Green Line
Trend
(5 waves)
—
Red Line
Correction
(3 waves)
º º
Green or Red Circle
Possible Wave
Terminus
♦
Green Diamond
Wave Terminus
♦
Red Diamond
Wave Terminus
→ →
Green or Red Arrow
Probable Market
Direction

 
Monthly Commentary June 1st 2006
 
We are now working on the assumption that Wave A of the correction started on 5/8/6 at 1324 and finished at 1256 on 5/23/6.  Therefore we are still in our short positions from 5/15/6 and 5/17/6.  Current Wave B terminus estimate is a close above 1283 between 6/5/6 and 6/19/6 so this is where our current stop is.  A close below 1255 would signal a change in the main trend on the monthly chart to down (and would mean we are actually in Wave 3 of a 5 wave trend, rather than Wave C of a 3 wave correction).
 

Yearly Commentary June 1st 2006

On the yearly chart we are still long on 5/8/6 with a price target of 1388 and an initial trailing stop at 1233.  A close below 1233 would indicate a change of the main trend on the yearly chart to down and would indicate we were in Wave 1 of a 5 wave down trend rather than Wave A of a 3 wave correction.
This market perspective is for your information only.  Please get professional advice before risking money on trading or investing using this information.  Note that the S&P 500 is a theoretical index that cannot be directly traded.
 
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Last updated on 11/21/2016, 3:05:19 PM