Elliott Wave Stock Market Update - July 19

Prices continued to correct sideways today and another Ascending Triangle with a target of 2184 has formed. If the rally materializes, the micro-count posted would be completed and we should get a pullback to the rising Trend Average. I would have gone long again today had I seen the pattern earlier but was busy at work. If I see a clear topping pattern I might short for a test of the TA.

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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.