Monday, July 9, 2018

Elliott Wave Stock Market Update - July 09

The market continued its ascent today as expected and the main question now is whether 2790-2800 will be able to stop the rally or will finally break and invalidate the intermediate bearish pattern that had been in place for months. Considering there is a new daily MACD bullish cross, odds favor continued upside in the near term.

Short Term Trend = Bullish
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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