Tuesday, July 11, 2017

Elliott Wave Stock Market Update - July 11

The market headed down as I was expecting but made a higher low before staging a bounce. This pattern favors the bullish side and a break of yesterday's high will likely confirm a change in trend and an eventual challenge to ATH as soon as this week. A correction would make sense around this time of year but there is no point in fighting the trend at this point. So I went long at the close with a stop at today's low in anticipation of a new leg for the rally.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com

Short Term Trend = Bearish trend being challenged
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

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