Elliott Wave Stock Market Update - July 8

The market has broken out of its Ascending Triangle pattern mentioned yesterday and ended the day challenging the market's all time high as expected. Once the ATH resistance is cleared, we should see short covering and new buying that will propel the rally much higher. And again, the excuse for today's rally was the jobs report but everything that is "news" was already reflected in the charts few weeks ago. So, unless there is some bearish miracle, prices are headed higher in the near future. That should convince bears to re-evaluate their sentiment and join in the rally.. not! lol.

I didn't get the chance to buy the break out as I was sleeping but I have my other long position, which stop has now been raised to a profitable 2109. I might end up buying more China instead as that is starting to look promising.

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
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.