Elliott Wave Stock Market Update - July 16

The market has continued to rally and so far it looks like the 5th wave of the structure that started on July 6th. Technically speaking, the wave is free to go into correction as we have 5 waves on the charts. But if we take W5=W1 then 2,142 or basically a new all time high. I guess it will depend on a combination of bullish momentum and short covering in the next session or two. Also, I'm assuming the NASDAQ will make another all time high tomorrow given Google's numbers, so it's probably safe to say there is more upside remaining to this rally in the short term.

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 = 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.