Elliott Wave Stock Market Update - July 17

The market failed to follow through on the bullish micro count I had labeled yesterday and instead sold off to turn the Trend Average bearish. The one thing that remains bullish is the fact the low today did not breach 1952.86, which must break if we are to see follow through selling.  The cause for selling was the downing of the passenger plane over Ukraine, which could turn into a Geo-political mess given the fact this could be blamed directly on Russia. A market correction has been due for quite some time, but it is too early to tell if this is a major turning point. The Trend Average has not turned bearish since April, so perhaps bears will finally be able to profit at last! The gold position I bought did well today but I am not selling just yet. I raised my stops to just above break even as I expect further upside.

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


Short Term Trend = Bearish
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.