Wednesday, November 2, 2016

Elliott Wave Stock Market Update - November 2

The selling has continued and a lower low was put in at 2094. The market's losing streak is now the longest one in 5 years so a substantial bounce should be coming soon. However, the wave structure needs to be finished first and I see the possibility of further selling. The ideal bottom would be in the 2075-2085 range which coincides with the rising 200 DMA so we'll see if that will put an end to the selling until the election results.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit

Short Term Trend = Bearish
Medium Term Trend = Bullish trend being challenged
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.

Elliott Wave Analytics

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