Tuesday, November 11, 2014

Elliott Wave Stock Market Update - November 11

We got more of the same slow bullish grinding today to yet another new all time high. It's actually starting to get boring! Bears are nowhere in sight, they are simply scared to short or have given up after being screwed by these violent bullish rallies in the last two years. But as I've been saying in the past few updates, momentum is waning and a correction should come soon. I'm assuming traders that missed the rally will be looking at the 50 DMA to jump back in, which is currently at 1972. However, a proper fib correction points to at least 1958 (38.2) as the minimum retrace, so perhaps we'll get a little of panic between now and the end of the month and prepare the market for a big December rally.. and allow me to sell my hedge for a profit!

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com

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 into consideration other factors.

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