Monday, July 20, 2015

Elliott Wave Stock Market Update - July 20

The market broke 2,129 resistance and made a higher high but fell short by just couple of points of making a new all time high. Looking at the structure, we could see the start of a correction to the 50 DMA or the TA as soon as tomorrow. Also, there's a reversal pattern on the NASDAQ (which closed at another all time high today) which has been leading the rally. But again as I posted a few days ago, if W1=W5 then we get 2,142 and that would imply a short covering rally, so this might not be over just yet.

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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