Friday, July 17, 2015

Elliott Wave Stock Market Update - July 17

I posted the following almost 3 weeks ago which basically summarizes the current rally:

" 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."

The market ended up bottoming at that time and today the market reached the first price target which was 2129. At this point, we could see a correction to test the TA or even the 2072-84 area and see an Inverse Head and Shoulders form or a new all time high before any reversals.  The IHS would target 2,186 but in a way it doesn't really matter as chances are the market is headed there anyway in my opinion. The market almost rolled over on this last correction but it still wants to keep going and while we can continue to expect corrections, I don't see a bear market until we get the next recession. Perhaps if Hillary gets elected we'll get one, given her populist anti-corporate rhetoric. Obama has not exactly been the most pro-business President but he doesn't seem anywhere nearly as bad as a Hillary. I wish there was a pro-business candidate who doesn't come across as a right wing nut or a clown. Then again, you don't win elections appealing to intelligence.

Have a great weekend!

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit

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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