Stock Market Update - July 7

Hope everyone had a good long weekend. I was going to update last Thursday but since it was half a session and the market followed the count, I figured it would be best to update today. So basically, the count within the W3 that I saw possibly topping at 1987 (came close enough at 1985) is finished. And the reversal today is likely to be the W4, which could develop into a flat or a zig zag before launching one final wave to a new all time high. It's hard to tell if this count supports a test of 2000 but it looks possible given the euphoric sentiment and the lack of fear. I ended up buying volatility on Thursday but I closed the position today already. I think the market will be turning south sooner rather than later. But with earnings coming up,  maybe we'll get to some ridiculously high number before finally getting a correction. 

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.