Elliott Wave Stock Market Update - July 16

The market action today confirms the move yesterday as another abc and the bullish wave today could be the start of another bullish 5 count that targets 2020. A break of the all time high would confirm this count and implies a break out wave as soon as tomorrow. The Dow closed at an all time high so it might continue to lead the SP500 to higher highs. At this point, all major economies seem to be growing moderately and that supports corporate profits. The big question is how fast are earnings growing, the healthier they look, the higher the market will go. I ended up buying some gold today because of its pattern, so hopefully it'll bounce in the next few days.

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.