Thursday, July 9, 2015

Elliott Wave Stock Market Update - July 9

The market rallied again towards the Trend Average today but it reversed right after testing it. We might see a 4th challenge to support in the 2040's tomorrow looking at the short term chart and whether this area breaks will depend on the news driving the markets. I suppose if China stabilizes (there's a bottoming pattern in place) and Greece's economic reform plans is well received by the EU,  the correction that started in May might come to an end. However, if these issues in the background are not resolved, I think selling will accelerate.

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Short Term Trend = Bearish
Medium Term Trend = Bearish
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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