Elliott Wave Stock Market Update - July 5

Hope everyone had a good holiday weekend. The market completed the count I was following in pre-market hours and today we saw the expected correction. Arguably, this current pullback could still be a micro-w4 but I'll just assume the Trend Average will be tested in the next couple of days. Once gains are digested, the Inverse Head and Shoulder's pattern will be in place and it will be interesting to see its target of 2220 achieved. This might sound unthinkable to people who think this is a "bear market" but the pattern is there and the trends are supporting it.

I will be going long hopefully tomorrow or Thursday on a successful test of 2050-2065.

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.