chart: SPY daily & 240min UPDATE

Courtesy of eSignal

Above is the daily SPY.  Also yesterday afternoon the market made gains that was able to complete 5 waves up on the daily chart.  This is in sync with the ST cycles forecast of a 6/2 high to possibly be followed by a 6/17,18 low.  As noted yesterday, June is usually a weak month for the stock market and if there is a June sell off and most of the indicators still look good and are not falling apart, we may have more to go on the upside later in the year.

Courtesy of eSignal

Above is the 240min SPY.  Also after yesterdays late afternoon rally the 240min SPY chart wave count was relabeled and 5 waves were completed on this chart also.  There was a major relabeling effort in this chart, one that was not so obvious yesterday.  But as you read in yesterdays "Summary":

"Summary: There seems to be more positive action than negative action.  Looking to see both charts complete their respective 5 waves up before a counter trend move begins."

This happened a little quicker than originally thought, but it happened.

Markets do not go straight up or straight down, so keep watching for blog updates and Twitter updates for more information.

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This has been posted for Educational Purposes Only.   Do your own work and consult with Professionals before making any investment decisions.  
Past performance is not indicative of future results