Tuesday, July 21, 2015

Elliott Wave Stock Market Update - July 21

The market started to correct itself and I am assuming we will see the 50 DMA tested. But given the potential IHS, we could see the market get all the way down to 2072-2084 support to form the right inverse shoulder. If support is found at the 50 DMA, there's the possibility of another leg to new all time highs before another substantial correction. The intermediate term trend has turned bullish, so all signals are clear for a rally. What remains to be seen is how the correction evolves in the next couple of sessions.

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Short Term Trend = Bullish
Medium Term m 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.

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