Friday, July 31, 2015

Elliott Wave Stock Market Update - July 31

The 5 count on the charts seems to have been completed today at 2014 resistance and now we should see a retrace of the entire structure, so the correction is free to correct as much as it wants as long as 2064 does not get breached. If this completed 5 count is a W1, then we can expect the IHS target to be met at the end of the entire impulse. Also, I found a long term chart I had posted in December 2014 and this move might be the end of the LT W3.  Note prices have been falling out of the long term channel and combined with the weakness in industrials, we might just finally see the end of the bull run that started back in 2012.

Have a great weekend!

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

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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