Friday, July 7, 2017

Elliott Wave Stock Market Update - July 7

The market staged a somewhat strong bounce that eliminates the more bearish set up on the chart (nested 1-2). in fact, the higher low today puts into question the bearish count and this could well be another bearish set up going bust.  So, unless prices come down hard on Monday or Tuesday, there is a good chance the bottom is in for another rally to new highs. I closed my shorts for a marginal profit and I will wait for another pattern to trade. It's amazing to me how the market simply refuses to do a normal correction, crazy bag holders!

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit

Short Term Trend = Bearish trend being challenged
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

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