Elliott Wave Stock Market Update - July 7

The market challenged its most recent high earlier in the morning but couldn't get past resistance. Instead prices went into a minor correction and an Ascending Triangle pattern with a target of 2145 seems to be forming. So an all time high could occur in the next couple of sessions if prices succeed in breaking out of the pattern. I position traded my long position for a minor gain and looking to add more if there is a break out. I also raised my stop to 2090, so slightly above break even.

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.