Thursday, July 5, 2018

Elliott Wave Stock Market Update - July 05

The market has continued to make higher lows and this set up the market for a rally as soon as tomorrow. The alternative to this scenario is a triangle that will break and test the 2692 low in a strong sell-off. Both patterns are in play given the bearish TA and the bullish IHS set up. Looking at the economic news, I would assume bears use the planned tariff implementation tomorrow as an excuse to start a sell-off. We'll find out soon.

Short Term Trend = Bearish
Medium Term Trend = Bullish trend being challenged
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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