Elliott Wave Stock Market Update - July 14

The market has followed the micro count posted, so we can assume for now the bearish wave to 1959 was a C wave and now we are seeing a 5 wave count that will possibly end up challenging 2000 (specially since the DJI made an intraday all time high). How this micro count fits into the Intermediate picture is open to debate, but I still think the market will correct in the next few weeks. Perhaps earnings will be the excuse for the correction? I will probably buy back volatility at the end of 5 waves on the micro count.

Now that the WC is over, I can get back on a more normal schedule. Congratulations to Germany for winning the WC, they have a great team. My prediction of Argentina winning almost came true a few times but luck was not on their side. Still, Argentina had the right tactic to win as they were able to hold Germany scoreless during regulation time while producing several clear chances to score but failed to capitalize (the one they did score did not count). Which in itself was a significant achievement considering this was the second highest scoring German team in WC history, and which pushed Germany into the all time leading scoring country of the tournament. Maybe in 2018 I'll be able to go to Russia for the WC if the markets cooperate..lol. I wonder what the S&P 500 will be at that time.. maybe 3000?

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.