Friday, December 1, 2017

Elliott Wave Stock Market Update - December 1

The market did top yesterday as I had been suspecting but we still have to see if this structure is just part of an intermediate bullish wave or a significant top. The drop today bounced right off the Trend Average and if higher lows are made going forward, we can expect the rally to continue for the rest of December. I am assuming if the Senate passes the tax bill tonight (looks likely), there will be enough of an excuse to send stocks much higher. At the same time, this whole business with Flynn pleading guilty and possibly implicating Trump in the future could serve as the perfect excuse to really sell off.  I hope they pass the tax cuts tonight, it is a much needed cut for businesses.

Have a great weekend!

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

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

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