Elliott Wave Stock Market Update - November 5

We had post-election rally today that came short of making a new all time high on the SP500, although the DJIA made a new all time high. So, the pattern of very shallow pullbacks might be repeating itself. At this point the market is clearly overbought and euphoria has taken over, but momentum is starting to wane and there are some divergences in short term oscillators that favor a bigger pullback in the next few sessions. But I am keeping my positions intact for the time being.

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.