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July 08, 2016 - Elliott Wave Market Updates
SP500 Index - SPX ETF Chart Below
It was a strong week in the stock market showing higher weekly closes for all of the major US stock indexes. Today's market breath and advancing volume metrics were very strong showing that another uptrend wave is ongoing and could very possibly take the SP500 and Dow to new highs. If February 11, 2016 low holds support, the possibility exists is that the SP500 could head much higher from here longer term.
US Dollar Index - UUP ETF Chart Below
As long as the US Dollar Index low of May 03, 2016 holds support, the USD index Wave 3 uptrend should continue. The wave bars on the chart below show typical, maximum, and extended Wave 3. As all Elliotticians know, the biggest and longest part of a price move is Wave 3. Never bet against a potential Wave 3 move. Recommendation is to buy long US dollars.
Gold - GLD ETF Chart Below
Gold reached a near-term high on July 06, and has closed lower since. The daily psychological sentiment index rose to 83% on the same day suggesting that a near term high is in place for gold. Commitment of traders data shows the same near term bearish sentiment. If gold prices are to continue to advance, the next price point areas are 1434 to 1437 adn 1480 to 1500. A close below 1300 would suggest that the gold rally is over for now. Short term gold is very overbought but could easily continue higher with the strong momentum it has currently. Long term gold continues to look up but could take a correction pullback from here or higher.
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