Elliott Wave Stock Market Update - November 9

Wow! I am not sure where to begin. What Donald Trump has done is nothing to short of spectacular and for that, I commend his political genius. For someone who has never run for any office to win a presidential election is highly improbable, and for someone who has said so many bad things during a campaign is actually incredible. I hope he will now leave his grudges behind and start working on making things better. I am happy I will be getting a nice tax cut and I hope he will cut the fat in government and get us out of all these international conflicts. At the same time, I hope he will stop bringing out the ugly in America and be more civil now that he is President.

What the market did last night when the news started to break out is equally as unusual and surreal as the Trump presidency. Futures were down more than 100 points when Trump was pulling ahead but at the time of the open prices just followed the bullish count posted yesterday, Validating the count and the bullish short term trend. Which means, the market crashed and rallied on the same exact news! It's one of the most bizarre things I have ever seen in all these years.

Now that the market has clearly put in a 5 wave count in the cash session, the expectation is for the rally to continue after a correction. I normally count after hours but there is no way to count such steep drop without seeing any after effect the day after. So we should see the Trend Average tested soon and then see a leg towards new all-time highs. I will be going long on the retrace.

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 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 

Elliott Wave Stock Market Update - November 8

The market continued its rally today by testing the 50 DMA before falling slightly to close at 2139. If Hillary wins today, we should see prices break out of resistance at 2150-2155 and perhaps even shoot towards all time highs without much of a pause. However, if Trump surprises then it will be downhill from tomorrow on. I am ready to buy at the break out or start building short positions if motor mouth wins. Whatever happens, I just hope the next 4 years will be ok. I hope the economy continues to grow (after the coming recession) and above all peace in this world.

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 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

Elliott Wave Stock Market Update - November 7

Last week I mentioned "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". Today's substantial rally solidified the bottom put in at 2083 on Friday's session and technically speaking this could be the beginning of a multi-week rally. However, everything could change tomorrow if the market doesn't like the results. I ended up closing my longs for a nice profit and I rather not take any risks before the election.

The current odds of Trump winning are around 31% according to Five Thirty Eight, which is a substantial probability and not to be underestimated.

http://projects.fivethirtyeight.com/2016-election-forecast/

The market is expecting Hillary to win so if that doesn't happen there will be a panic sell off and a top for the entire wave structure that started from 2009. For now, not only are the markets favoring Hillary, the short term EW count and technical indicators are pointing to a market pleasing result. Tomorrow we will finally find out who will be the President.


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

Short Term Trend = Bearish trend being challenged
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 Stock Market Update - November 4

The market has now fallen 9 days in a row, an event not seen since 1980! I think this illustrates just how nervous the market is due to this election. Prices did rally earlier in the morning and for a minute I thought it was headed towards the 2114 level but all gains were soon reversed after challenging 2100. Technically speaking this early morning counter-rally could be labeled an A or a W4, so we'll find out Monday morning if the bounce continues or a lower low is put in. I ended up holding and will be adjusting my stop to today's low of 2183, I will be selling towards the end of the session on Monday.

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 = 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 Stock Market Update - November 3

The market managed to log its 8th consecutive negative session, something it has not done since 2008. The difference however is back then the market was down 23% in the same time frame vs a somewhat negligible 3% this time. The lower low today touched the target level of 2075-2085 mentioned yesterday and we could see a counter-rally as soon as tomorrow as long as support doesn't get breached. I couldn't resist the temptation so I bought back what I sold last week at the low and will probably sell tomorrow or Monday right before the election. A test of the Trend Average in a day or two seems like a long shot so I will be happy with a test of the 2114 resistance level.

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

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 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 http://www.ewaveanalytics.com

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 Stock Market Update - November 1

The market sold off for most of the day to reach the H&S target mentioned last week before mounting a counter rally in the last couple of hours. The low today was 2097 and if the bounce fails to get past 2119 then I see another bearish leg towards the 2075-2085 area. I normally would go long if one more bearish leg materializes but considering the election is on Tuesday, it's probably best to look at this from the sidelines. No need to rush into anything.

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

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.