Friday, July 31, 2015

Elliott Wave Stock Market Update - July 31




















The 5 count on the charts seems to have been completed today at 2014 resistance and now we should see a retrace of the entire structure, so the correction is free to correct as much as it wants as long as 2064 does not get breached. If this completed 5 count is a W1, then we can expect the IHS target to be met at the end of the entire impulse. Also, I found a long term chart I had posted in December 2014 and this move might be the end of the LT W3.  Note prices have been falling out of the long term channel and combined with the weakness in industrials, we might just finally see the end of the bull run that started back in 2012.





















Have a great weekend!

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com


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

* 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.

Thursday, July 30, 2015

Elliott Wave Stock Market Update - July 30




















The market seems to be putting in a 5th wave to the counter-rally wave and today's close brings back the short term trend to the bullish side. I assume there will be a correction once this bullish wave is over and a higher low (higher than 2063) will set the market up for a bullish W3 to new highs on the SP500. There is continuous selling pressure pressure on Industrials but the NASDAQ seems to be headed to another high, so I guess they are balancing out each other.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com


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

* 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.

Wednesday, July 29, 2015

Elliott Wave Stock Market Update - July 29




















Bulls have made a come back and now the market is back above its 50 DMA and the Trend Average. So far it appears like the recent correction was a zig zag, so if we see a 5 count develop on this rally then the market will be on the path to the Inverse Head and Shoulders I first mentioned on July 17th
Obviously, we need to see follow through buying in the next few sessions. The one weak spot in the broader market continues to be the DJIA, which has rallied in the last couple of days but remains vulnerable to a death cross.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com


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

* 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.

Tuesday, July 28, 2015

Elliott Wave Stock Market Update - July 28





















The market did not put in a lower low and instead we saw the expected counter rally, which ended up closing the day a few points away from the Trend Average. However, pressure remains on the uptrend and the Trend Average must be re-captured soon in order to repair the recent bearish damage. Failure to trade north of 2,100 will result in recent lows being tested again. Looking at other indexes, most of the major markets are ok. But the DJIA is flashing a warning signal as failure to rally hard from here will turn its long term signal bearish, which we have not seen in more than 3 years.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com


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

* 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.


Monday, July 27, 2015

Elliott Wave Stock Market Update - July 27




















The 2072 support level was broken early today and we might see the 2055 area tested on one more bearish wave. If we get a bearish 5 count then we could be looking at an A or a bearish W1, which would imply accelerated selling in the weeks ahead. I am still expecting bulls to come back but now pressure is mounting on the most recent uptrend and a new rally has to take place soon or else the market is at risk of rolling over.

The catalysts for the continued selling today was China and commodities. And I am assuming there will be ongoing turbulence for a while, so we'll see how equities will handle this in the next couple of weeks.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com


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

* 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.

Friday, July 24, 2015

Elliott Wave Stock Market Update - July 24





































The market went into a much stronger correction today and closed at support, which eliminates the count I was following for the last couple of days. Instead, we are seeing what could be the potential Inverse Head and Shoulders I posted about last Friday

"At this point, we could see a correction to test the TA or even the 2072-84 area and see an Inverse Head and Shoulders form or a new all time high before any reversals.  The IHS would target 2,186"

If the IHS scenario is correct, the market has to start rallying early next week and the 2,044 low can not be breached. The Trend Average turns bearish with today's close and it must be re-captured next week before it goes back under the 50 DMA. It is a mixed market at this point, with tech correcting from all time highs while the DJIA trades under its 200 DMA. I lean towards bulls re-charging given the world economy but we could see the market go back into a correction again. We'll find out soon.

Have a great weekend!

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com


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

* 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.

Thursday, July 23, 2015

Elliott Wave Stock Market Update - July 23




















I wasn't expecting the low from yesterday to be breached but it gave way earlier in the morning. Still, I'm still assuming there's one more strong bullish wave left to new highs before a bigger correction. The current count would be eliminated if the market goes below the W1 peak of 2,083.74. The close was right on the 50 DMA and below the TA. If there's a 5th left, we should see a rally as soon as tomorrow.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com


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

* 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.