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)
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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