Monday, July 23, 2018

Elliott Wave Stock Market Update - July 23

The market made a slightly lower low today but managed to bounce back and stay above the Trend Average. Prices have basically traded sideways for the last 7 sessions and this is looking more like consolidation rather than a top. So we could see prices try to break the recent high and attempt a breakout as soon as this week. If bears manage to break support at 2789 then we will see a stronger correction.

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

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