Tuesday, November 3, 2015

Elliott Wave Stock Market Update - November 3

The market push through 2103 but it seems to have stalled at the 2015 resistance. The wave structure looks over-extended as it is so a proper fib correction should be coming. Also, oscillators are overbought in the short term so we could see the correction accelerate tomorrow. Now, if bulls manage to get though 2015 then we are looking at a possible new all time high before any significant pullback.

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 = Bearish trend being challenged 

* 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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