Elliott Wave Stock Market Update - July 29

Bulls have made a come back and now the market is back above its 50 DMA and the Trend Average. So far it appears like the recent correction was a zig zag, so if we see a 5 count develop on this rally then the market will be on the path to the Inverse Head and Shoulders I first mentioned on July 17th
Obviously, we need to see follow through buying in the next few sessions. The one weak spot in the broader market continues to be the DJIA, which has rallied in the last couple of days but remains vulnerable to a death cross.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com


Short Term Trend = Bearish trend being challenged
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.