Monday, July 21, 2014

Elliott Wave Stock Market Update - July 21




















The market started the day on the bearish side but it bounced right off the 1965 level to close just above the Trend Average, which will possibly turn bullish if the market manages to trade above it tomorrow. There is the possibility of a Double Shoulder Inverted H&S, so if we see the market bounce off 1965 again, we chances are we will see a break out rally. A potentially profitable set up is to buy at 1966 with a stop at 1958, with the upside potential of 2005. I sold Gold today to lock in profits and I will either buy the market if we see support tested again or buy gold at the test of its 50 DMA.

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
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. 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 into consideration other factors.

Elliott Wave Analytics


Friday, July 18, 2014

Elliott Wave Stock Market Update - July 18




















The market was able to hold the low from yesterday in the cash market and had a strong rebound today closing comfortably above the Trend Average. So it is too early to tell just what general direction the market is going in the next few weeks. If the bulls manage to break the all time high, then the TA will change to the bullish side again and more upside will come. But if the market fails to reach a high and goes back below the TA, then lower lows will come and maybe we'll finally see the correction many of us have been waiting for. There are different ways to label the waves but for the sake of simplicity, I rather leave them without labels until something more clear and predictable appears. Until then, I think it's best to be cautious. I am holding on to Gold in hopes of another bullish wave to come early next week.

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 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. 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 into consideration other factors.

Elliott Wave Analytics


  

Thursday, July 17, 2014

Elliott Wave Stock Market Update - July 17




















The market failed to follow through on the bullish micro count I had labeled yesterday and instead sold off to turn the Trend Average bearish. The one thing that remains bullish is the fact the low today did not breach 1952.86, which must break if we are to see follow through selling.  The cause for selling was the downing of the passenger plane over Ukraine, which could turn into a Geo-political mess given the fact this could be blamed directly on Russia. A market correction has been due for quite some time, but it is too early to tell if this is a major turning point. The Trend Average has not turned bearish since April, so perhaps bears will finally be able to profit at last! The gold position I bought did well today but I am not selling just yet. I raised my stops to just above break even as I expect further upside.

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
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. 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 into consideration other factors.

Elliott Wave Analytics


  

Wednesday, July 16, 2014

Elliott Wave Stock Market Update - July 16




















The market action today confirms the move yesterday as another abc and the bullish wave today could be the start of another bullish 5 count that targets 2020. A break of the all time high would confirm this count and implies a break out wave as soon as tomorrow. The Dow closed at an all time high so it might continue to lead the SP500 to higher highs. At this point, all major economies seem to be growing moderately and that supports corporate profits. The big question is how fast are earnings growing, the healthier they look, the higher the market will go. I ended up buying some gold today because of its pattern, so hopefully it'll bounce in the next few days.

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. 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 into consideration other factors.

Elliott Wave Analytics


Tuesday, July 15, 2014

Elliott Wave Stock Market Update - July 15




















The market managed to put in a 5th wave on the micro count in the morning before reversing in what seems so far like an abc move (it turns into a bearish 5 count if the market gaps down tomorrow). What I don't like about the bullish 5 wave micro count is that it fell short of the target I had, so it could arguably be another zig zag for an X wave. But since the market closed above its Trend Average, I am assuming the market will continue to go up until it finally gets exhausted. Earnings are starting to come in, so they should provide the excuse for another substantial rally or the beginning of a big correction. I am cash waiting for an opportunity but I am keeping an eye on metals and oil as they have sold off in the last couple of days and might bounce hard once they find a bottom.

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. 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 into consideration other factors.

Elliott Wave Analytics


Monday, July 14, 2014

Elliott Wave Stock Market Update - July 14





















The market has followed the micro count posted, so we can assume for now the bearish wave to 1959 was a C wave and now we are seeing a 5 wave count that will possibly end up challenging 2000 (specially since the DJI made an intraday all time high). How this micro count fits into the Intermediate picture is open to debate, but I still think the market will correct in the next few weeks. Perhaps earnings will be the excuse for the correction? I will probably buy back volatility at the end of 5 waves on the micro count.

Now that the WC is over, I can get back on a more normal schedule. Congratulations to Germany for winning the WC, they have a great team. My prediction of Argentina winning almost came true a few times but luck was not on their side. Still, Argentina had the right tactic to win as they were able to hold Germany scoreless during regulation time while producing several clear chances to score but failed to capitalize (the one they did score did not count). Which in itself was a significant achievement considering this was the second highest scoring German team in WC history, and which pushed Germany into the all time leading scoring country of the tournament. Maybe in 2018 I'll be able to go to Russia for the WC if the markets cooperate..lol. I wonder what the S&P 500 will be at that time.. maybe 3000?

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. 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 into consideration other factors.

Elliott Wave Analytics







Friday, July 11, 2014

Elliott Wave Stock Market Update - July 11




















The market closed again below the Trend Average after briefly testing and we should get a decisive move early next week. If the wave from yesterday was a C, we could see a 5 wave count that will challenge 2000 next week. But if the wave is a subdivision of a W3, then we will see a substantial sell off starting Monday so it's toss up at this point. I am staying in cash until I see a better pattern to trade, plus I want to watch the World Cup this weekend stress free. It's too bad the WC is ending as I enjoyed the competition but is good in the sense that I can concentrate on stuff I've been postponing to watch the games.

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. 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 into consideration other factors.

Elliott Wave Analytics