Elliott Wave Stock Market Update - November 17

Not much to add today given the same boring pattern as last week. This despite the -10 point move in pre-market due to a surprise negative GDP number in Japan and its now official recession. I am not sure if the market plans to drop soon or it is just buying time to set up another bullish leg at this point before finally correcting. The Trend Average will be catching up to the market in the next couple of days and that normally signals a substantial move either way.

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.

Elliott Wave Stock Market Update - November 14

This has to be the most boring 2 weeks in the market in the last 5 years. Despite having 5-6 new all time highs since 2021 broke couple of weeks ago, the total advancement has only been 1%. But at least the high from yesterday has held and the H&S pattern is still in play. So maybe we'll see some excitement early next week with a sell off or the beginning of another bullish leg. Also, I wanted to clarify the 5th wave label I have on the chart since I saw confusion over it. Basically, I see it as the last leg of the structure from 1821 but that doesn't mean it can't go higher. Usually, short term waves are more predictable when they have clear 5 wave micro counts to them and not overlapping counts like the ones we're seeing. That's why I haven't bothered to count the waves within this 5th wave as there's little predictive value to them. So the V label shouldn't be interpreted as a call for a top but as the actual label for the wave. If I felt this was "the top", I would be selling my long positions and not stay hedged.

Have a great weekend!

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.

Elliott Wave Stock Market Update - November 13

The market put in another all time high today but this time early gains were reversed to support (finally tested its Trend Average after rallying for 3 weeks) before ending the day mildly positive. Since the market bounced right at support, now we have a possible Head and Shoulders pattern targeting 2015. Not exactly a "big" correction by any means, but perhaps the beginning of a multi-week correction. With that said, the correction today could be a W4 so until the TA is lost, a top is not confirmed.

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.

Elliott Wave Stock Market Update - November 12

Today is the first "negative" day after 5 consecutive all time high days, which we have never seen since the market started making new early ATH last year. The wave count looks complete and at least very close to completing and I see the potential of a rounded top as long as 2041 holds. So maybe we'll get more excitement in the next few days. Maybe the Russian invasion of Ukraine will do it or some renewed bearish interpretation (in itself, ridiculous) of low oil prices?

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.

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.

Elliott Wave Stock Market Update - November 10

Another low volatility day and another marginally higher all time high. But the market has a rising wedge pattern and the correction should come in the next few days. I just wonder who in the world is buying right now given the 11% non-stop rally. I am still holding to the hedge, so hopefully the correction will make it down to a profitable level.

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.

Elliott Wave Stock Market Update - November 7

Another day, another all time high. It seems like the market can only go up! But again, just like I turned bullish when there was panic. I now favor a correction given how far this rally has gone without a pullback. Technically speaking, the only reason we got this violent rally was because the market was oversold. So next time we get some panic selling, remember how quickly things can turn around even in the absence of any good news.

Have a great weekend!

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.