φ A Medium-Term and Long-Term US Market Perspective
July 6th 2006
This market perspective is based on the Elliott Wave Principle and represents
a best estimate of the most probable future market direction. For more information regarding Elliott Wave
Principle please see our Elliott Wave International site review here.
Green or Red Circle
Green or Red Arrow
Monthly Commentary July 6th 2006
The monthly chart has resolved into the simpler pattern shown with the assumption
that we are still in Wave 3 of a 5 wave down trend, with Wave 2 probably terminating on
7/5/6 at 1271. This means that our existing short positions are still a good risk/reward,
and our stop is currently at 1286.
Yearly Commentary July 6th 2006
The yearly chart assumptions have not changed and we believe we are in Wave
1 of a 5 wave downtrend with a stop for our short position at 1325.
This market perspective is for your information only. Please get professional
advice before risking money on trading or investing using this information. Note that the S&P 500 is a theoretical
index that cannot be directly traded.