Elliott Wave Stock Market Update - July 10

The count I was tracking was invalidated with today's gap down as 1957 was the lowest the W4 could go. So I relabeled the previous bullish wave as a complete structure, and I am assuming this move is either a bearish 5 wave count to 1920 or an ABC correction that must not go below 1944. The daily MACD has turned bearish again, but this is the third time it has done so in the last couple of months only to get whipsawed. Normally, the bearish MACD turn allows the market to test the 50 DMA but I won't be betting on it until I see 1944 get taken out. The excuse for the sell off was Portugal but I get the feeling no one will remember Portugal in a few months time, as we've been thru this enough times already.. anyone remember Cyprus? I am in cash and waiting.

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.