Thursday, July 30, 2015

Elliott Wave Stock Market Update - July 30

The market seems to be putting in a 5th wave to the counter-rally wave and today's close brings back the short term trend to the bullish side. I assume there will be a correction once this bullish wave is over and a higher low (higher than 2063) will set the market up for a bullish W3 to new highs on the SP500. There is continuous selling pressure pressure on Industrials but the NASDAQ seems to be headed to another high, so I guess they are balancing out each other.

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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.

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