Wednesday, July 15, 2015

Elliott Wave Stock Market Update - July 15

The market has continued its rally as expected and I get the feeling the 2,130 resistance level is going to be challenged in the next few sessions. It will depend on whether the W4 is complete or go into a zig zag. But if W5=W1 and today was the low for W4, then we get a new all time high before a correction to test the rising Trend Average. Also, earnings announcements have been strong, especially banks. So we could see a broad based rally to substantially higher highs in the next few weeks.

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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.

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