Elliott Wave Stock Market Update - July 15

The market made a slightly higher high today in the morning before "selling off" for the rest of the day. Arguably, the 5 micro-count from 2074 is complete with today's high but we could see one more high if the low today holds early next week. Once a W3 top is confirmed, we should see a correction to test the 2134 area to digest recent gains. I sold my longs earlier today and will be buying them back at the test of 2134. There is a Coup d'etat in Turkey as we speak, so we'll see how the market handles the news early next week. My guess is it will be just another excuse for a correction before another all time high.

Have a great weekend.

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


Short Term Trend = Bullish
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. While mechanically trading the posted trends is feasible, keep in mind that these are lagging indicators and as such are prone to whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking into consideration other factors.