Elliott Wave Stock Market Update - July 26

The market didn't do much today but a stronger move should come tomorrow. My stop on my long position almost triggered in the morning but prices bounced off support again and hopefully we will see a bullish break out from the recent sideways pattern tomorrow.  It's been 9 days since the market got to this level and there have been 7 bounces off support which should be enough of a base for a new bullish leg to rally from.

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.