Elliott Wave Stock Market Update - July 23

The market continued marching higher today thanks to the tech sector and the count on the SP500 is starting to look like a bullish 5 wave count. If this is the correct count, then we're looking at 2015-2020 as the initial target. Considering there will be lots of earning reports tomorrow, this might just be the excuse to blow past 2000. Also, if China reports a good PMI tonight, it will set the tone for a worldwide rally so we'll see how the numbers look in a few hours. I am up to my neck in Chinese shares on my long term portfolio, so I hope PMI numbers will come above expectations. Lastly, I bought back Gold today as I see a potential for a multi-month rally if lows hold. Time for Gold to shine again.

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.