Tuesday, November 25, 2014

Elliott Wave Stock Market Update - November 25

The market took a break today from making new highs but we could be seeing some sort of rising wedge, so I wouldn't discount the possibility of higher highs before another test of the Trend Average. The GDP growth numbers that came out today blew past expectations and are supportive on an ongoing bull market, still I still think the rate of appreciation has gotten ahead of itself. So sooner than later, the market will reset itself again. Also, China's market has finally broken out of a multi-year resistance channel so we might see money flowing that way from profit taking in the US in the next few months. That market is still cheap relative to its history and other major stock markets in the 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
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.

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