Thursday, July 24, 2014

Elliott Wave Stock Market Update - July 24

The market made a marginal new high today despite good earnings reports and a strong China PMI. So I am assuming a 3rd wave peaked and we will see consolidation before another wave that should go past 2000. This 3rd wave on the micro count is about the same length as the 1st wave, which is shorter than usual for a W3. So we'll see if we get an extension on the 5th? For the micro count to be valid, 1979.91 can not be breached or else it will signal a deeper correction. My gold position did not do too well today but it is still within a bullish pattern, so we'll see..

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit

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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