Elliott Wave Stock Market Update - November 5

The market made a lower low and tested the Trend Average as I had anticipated but it failed to go to the 2080's area as I had been hoping. This correction was expected to be shallow so we could see the market start a  rally tomorrow in its final 5th wave to challenge the all time high. I'm assuming the jobs report will be the excuse for a rally and at this point it won't really matter if it's good or bad, momentum is on the bulls side. I ended up stopping out of my short at break even on the market reversal, so I'll give it another shot near the all time high.

Also, China confirmed its bottom (and my count) yesterday by going above an important resistance level and that takes away one of the excuses for the market sell off here in the US in the summer.  I am starting to see headlines on a new "China bull market" because of its 20% rise but that's as useful as calling the correction from its high a "bear market". What I am paying attention to is continued confirmation of a W3 that will put the SSEC above its high this year.

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.

Elliott Wave Stock Market Update - November 4

The market continued its correction today by putting in a lower low at 2096. I am expecting the rising Trend Average to be tested, so one more down wave to the 2080 area would be ideal. Not sure yet if that will the low for W4 since corrections were expected to be shallow once the market broke its 200 DMA almost two weeks ago. But I will cover my short position at that level hopefully and buy it back at an all time high challenge or maybe a new all time high.

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.

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.

Elliott Wave Stock Market Update - November 2

I wasn't sure the market could get up to 2100 on Friday but it managed to close slightly above resistance at 2104. As I said last week, I'd be surprised if there is enough bullish momentum to get through resistance levels between 2103-2134 but then again who could have imagined the market would rally this much in 4 weeks? I bought back my shorts today at 2101 and I'm setting the stop at 2015. If the market gets past 2015, there is a high chance for an all time high as this is a W3.

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.

Elliott Wave Stock Market Update - October 30

The 2100 hundred level was challenged in pre-market but the highest the market could go in cash was 2094 before selling off towards the end of the day. There is still a chance for one more push on Monday towards 2100 again before a correction to the Trend Average/200 DMA. I didn't get a chance to buy back shorts today but maybe I'll get a chance next week. I don't think resistance will break without a minor correction first given how much the market has rallied in the past month, officially the best month in 4 years!

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 = 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.

Elliott Wave Stock Market Update - October 29

The market went into consolidation mode today instead of rallying as I was expecting. Still, a higher high was made and we could see the wave evolve into an ending diagonal to challenge the 2100 area. The market has gone up 12% in just 4 weeks and it's not inconceivable to see it rally 2% more for a new all time high before a proper correction. The biggest challenge for the bulls is the 2103-2134 area, if they can clear that then they're good for much higher prices towards the end of the year.

I watched most of the debate last night and I have my list of favorites. However, it doesn't look like they will win. Here are my impressions of the candidates.

Trump - Seems like he has toned it down a little. He just talks a lot about himself in detail, vague plans as a President.
Carson - Seems very analytical, which is good. However, his tax plan doesn't add up. You can't tax GDP at 15%, close "loopholes" and then magically pay for the budget.
Fiorina - I would pick her any day over Hilary and she is my favorite among the Washington outsiders. She has the facts down and is very detailed.
Ted Cruz - I'd hire this guy to be my attorney and he would be excellent as an attorney general. Very sharp but too right wing.
Rubio - Very good talker (reminds me of Obama actually) but his personal finances shows he is not ready for the job he is applying for. Who cashes our his IRA to incur penalties after receiving $1 million in book royalties?
Huckabee - Honest man but too conservative.
Rand Paul - Agree with him the most in principle
Bush - He shot himself in the foot by going after his former protege, shows judgement issues.
John Kasich - Has the experience, knows how things work and he is not deceiving the public like some of the others.
Gov Christie - Has the experience, gets things done, realistic and actually acknowledges global warming. He would be my first choice for the job but unfortunately he is too honest for the general public (people don't like to hear the truth).

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.

Elliott Wave Stock Market Update - October 28

The market had a strong day as expected and now it is getting closer to the resistance level I mentioned yesterday. If this wave is sub-dividing (it looks likely), we should see a gap up or continuation of the rally early tomorrow morning. Perhaps news of the budget deal will give bulls enough of an excuse to push against 2103.

I am looking forward to the debate tonight. If Jeb doesn't get traction, he will be gone and it will come down to the Doc and the Clown. They might even team up to make America great again!

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.