Elliott Wave Stock Market Update - July 27

The market managed again to test support and bounce again to make this the 10th consecutive session of bouncing around within a relatively tight range. I don't remember this long of a sideways move in years or ever for that matter. But I think it is safe to say a move out of range should come fairly soon. The close today is the first below the Trend Average since late June but this is a case of the market catching up to the TA and that normally indicates a time correction is finished or about to finish. So the market is ripe for another rally at this point, people who have been waiting to buy just need to make up their minds.

I almost got stopped out again today but prices bounced again off support. So I am hoping there will be a decisive move tomorrow or Friday so we don't go into the weekend in suspense.

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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.