Elliott Wave Stock Market Update - July 22

The market tested its Trend Average early morning and had a good chance to test its 50 DMA but didn't get very close despite the overall bearish sentiment on APPL earnings (which actually exceeded estimates!). Considering how weak this corrective wave has been, I've changed the labels to reflect a potential 5th wave to new all time highs in the next few sessions. As longs as the TA holds, the path of least resistance is up.

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.

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.

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


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.

Elliott Wave Stock Market Update - July 20

The market broke 2,129 resistance and made a higher high but fell short by just couple of points of making a new all time high. Looking at the structure, we could see the start of a correction to the 50 DMA or the TA as soon as tomorrow. Also, there's a reversal pattern on the NASDAQ (which closed at another all time high today) which has been leading the rally. But again as I posted a few days ago, if W1=W5 then we get 2,142 and that would imply a short covering rally, so this might not be over just yet.

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 = Bearish trend being challenged

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.

Elliott Wave Stock Market Update - July 17

I posted the following almost 3 weeks ago which basically summarizes the current rally:

" Looking at some oscillators, this market has already been in a correction for 6 weeks and it is at a point where it could start a substantial rally. So while trends are bearish and further downside can be expected , it's good to keep in mind we could see a substantial bullish turn because technical oscillators have been reset."

The market ended up bottoming at that time and today the market reached the first price target which was 2129. At this point, we could see a correction to test the TA or even the 2072-84 area and see an Inverse Head and Shoulders form or a new all time high before any reversals.  The IHS would target 2,186 but in a way it doesn't really matter as chances are the market is headed there anyway in my opinion. The market almost rolled over on this last correction but it still wants to keep going and while we can continue to expect corrections, I don't see a bear market until we get the next recession. Perhaps if Hillary gets elected we'll get one, given her populist anti-corporate rhetoric. Obama has not exactly been the most pro-business President but he doesn't seem anywhere nearly as bad as a Hillary. I wish there was a pro-business candidate who doesn't come across as a right wing nut or a clown. Then again, you don't win elections appealing to intelligence.

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 = Bearish trend being challenged

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.

Elliott Wave Stock Market Update - July 16

The market has continued to rally and so far it looks like the 5th wave of the structure that started on July 6th. Technically speaking, the wave is free to go into correction as we have 5 waves on the charts. But if we take W5=W1 then 2,142 or basically a new all time high. I guess it will depend on a combination of bullish momentum and short covering in the next session or two. Also, I'm assuming the NASDAQ will make another all time high tomorrow given Google's numbers, so it's probably safe to say there is more upside remaining to this rally in the short term.

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 = Bearish trend being challenged

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.

Elliott Wave Stock Market Update - July 15

The market has continued its rally as expected and I get the feeling the 2,130 resistance level is going to be challenged in the next few sessions. It will depend on whether the W4 is complete or go into a zig zag. But if W5=W1 and today was the low for W4, then we get a new all time high before a correction to test the rising Trend Average. Also, earnings announcements have been strong, especially banks. So we could see a broad based rally to substantially higher highs in the next few weeks.

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 = Bearish trend being challenged

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.

Elliott Wave Stock Market Update - July 14

The market has followed through on its rally as expected and now trades above its 50 DMA, which if sustained will turn all trends bullish again. There is also a bullish crossover on the daily MACD and that favors new all time highs in the coming weeks. And while we need to see new highs to confirm the correction that started in May is over, there's a higher chance of a rally now that all the issues that were creating uncertainty in the past few weeks appear to have been resolved.

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 = Bearish trend being challenged

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.