Elliott Wave Stock Market Update - July 18

The market was able to hold the low from yesterday in the cash market and had a strong rebound today closing comfortably above the Trend Average. So it is too early to tell just what general direction the market is going in the next few weeks. If the bulls manage to break the all time high, then the TA will change to the bullish side again and more upside will come. But if the market fails to reach a high and goes back below the TA, then lower lows will come and maybe we'll finally see the correction many of us have been waiting for. There are different ways to label the waves but for the sake of simplicity, I rather leave them without labels until something more clear and predictable appears. Until then, I think it's best to be cautious. I am holding on to Gold in hopes of another bullish wave to come early next week.

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 = Bearish Trend being Challenged
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.