Elliott Wave Stock Market Update - November 3

All the major indexes put in an intraday all time high with the exception of the RUT and this strengthens the bullish case for the next few weeks. I still expect a correction starting as soon as tomorrow if the high can hold but it could now just be a shallow pullback to the 50 DMA before the start of another bullish wave. The Nikkei is rallying almost 4% tonight, on top of the 5% from last week so if the sentiment carries over, then we could see the markets in the US rally non-stop for a while.

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.