Elliott Wave Stock Market Update - July 9

The market bounced as expected but I will be looking at the W4 invalidation level I mentioned yesterday to see if it holds on the pullback. If the market manages to maintain closes above the Trend Average, we should see the all time high challenged this week or earlier next week. The earnings season might be an excuse to lift the market past 2000, so be careful shorting above the TA. Also, I saw Marc Faber predicting a "crash" again today. So if we go by his impeccable timing since 2009, we're going to see another bullish leg soon.. lol.

And too bad it won't be the original final in the WC I had wanted (BRA vs ARG), but at least ARG made it and I predict the cup goes back to South America on Sunday. Brazilians will be in pain to see ARG win in their country.

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.