Elliott Wave Stock Market Update - July 28

The market did not put in a lower low and instead we saw the expected counter rally, which ended up closing the day a few points away from the Trend Average. However, pressure remains on the uptrend and the Trend Average must be re-captured soon in order to repair the recent bearish damage. Failure to trade north of 2,100 will result in recent lows being tested again. Looking at other indexes, most of the major markets are ok. But the DJIA is flashing a warning signal as failure to rally hard from here will turn its long term signal bearish, which we have not seen in more than 3 years.

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Short Term Trend = Bearish
Medium Term Trend = Bullish 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.