Elliott Wave Stock Market Update - July 18

The market ended slightly positive for the day and it seems like a higher high is about to come to finish up the W3 on the chart. Depending on how high the new ATH ends up being, the retrace could find support at 2151-55 or at 2134. A potential top for the ongoing rally could be around 2191. I am all in cash and just waiting patiently for a deeper correction, the market just needs an excuse to sell off and get bears excited again.

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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.