Wednesday, July 1, 2015

Elliott Wave Stock Market Update - July 1

The market continued its bounce as expected but I'm not certain there is enough momentum to reach the TA just yet. Anything less than a bullish W3 tomorrow will end up with the most recent low or the 200 DMA being tested, which in turn might lead to further selling. Looking at some oscillators, this market has already been in a correction for 6 weeks and it is at a point where it could start a substantial rally. So while trends are bearish and further downside can be expected , it's good to keep in mind we could see a substantial bullish turn because technical oscillators have been reset.

Short Term Trend = Bearish
Medium Term Trend = Bearish
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.

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