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.