Elliott Wave Stock Market Update - July 29

The Trend Average has turned bearish with today's close and now we'll see if are going to get the correction so many people have been waiting for. The selling from today must continue tomorrow and break 1967, if not then there's a good possibility for a strong bullish wave to a new all time high as there's a zig zag from 1984 that could be counted as a W2. If key support breaks, specially 1955, there's a good chance we'll see 1800-1900 in August. I'm still holding Gold on my short term portfolio.

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.