Elliott Wave Stock Market Update - November 9

I was wrong in assuming the correction was over on Friday and today we saw the correction continue by putting in a lower low. Still, the wave count doesn't change as the waves look like a double zig zag. Therefore, if today's low holds, there is a good chance a rally will gain traction in the next session or two. With that said, If the market fails to re-capture the Trend Average then there is a higher chance the rally from 1871 is finally over after 5 weeks of almost non-stop rallying.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com


Short Term Trend = Bullish trend being challenged
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 6

The 2080 resistance ended up being tested after all with today's early morning "sell off". And we should see a rally starting early next week to a higher high and perhaps even challenge the all time high. The jobs report blew past expectations, so the worry is mainly a rate hike in December which in my opinion is already priced in. In fact, once a rate hike is announced, the excuse of using a rate hike as a reason for selling will no longer be there and should lead to an environment for a sustained uptrend to 2,200+ this or next year. And as I have been saying for years, there will be a "bear market" eventually when we finally get a recession. Until then, it's better to accept and recognize the ongoing bull market and the strength of the economy as manifested in our unemployment numbers and GDP growth.

China continues to show signs of strength as well, so I am hoping for another "bubble" rally towards the end of the year. Maybe then I can start to ca$h in.

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 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.