Elliott Wave Stock Market Update - July 14

The market has followed through on its rally as expected and now trades above its 50 DMA, which if sustained will turn all trends bullish again. There is also a bullish crossover on the daily MACD and that favors new all time highs in the coming weeks. And while we need to see new highs to confirm the correction that started in May is over, there's a higher chance of a rally now that all the issues that were creating uncertainty in the past few weeks appear to have been resolved.

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Short Term Trend = Bullish
Medium Term Trend = Bearish trend being challenged

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.