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

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