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.