Elliott Wave Stock Market Update - July 29

The market finally made a higher high today on what should be the beginning of the 5th wave. I am counting the micro waves today as a bullish nested 1-2 set up so prices must breakout early next week. I am raising my stop to 2163 and hopefully to slightly profitable on the breakout. I suppose traders will be using the weaker than expected GDP numbers as an excuse to rally since this translates into low rates for the foreseeable future. Where this gets interesting is what happens if the economy goes into a recession.

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.