Thursday, July 23, 2015

Elliott Wave Stock Market Update - July 23

I wasn't expecting the low from yesterday to be breached but it gave way earlier in the morning. Still, I'm still assuming there's one more strong bullish wave left to new highs before a bigger correction. The current count would be eliminated if the market goes below the W1 peak of 2,083.74. The close was right on the 50 DMA and below the TA. If there's a 5th left, we should see a rally as soon as tomorrow.

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