Elliott Wave Stock Market Update - November 6

The market has continued to slowly grind its way to new all time highs. But without a decent pullback, buyers should exhaust sooner than later. There are some divergences among the main indexes and the market is obviously overbought, so in a "normal" situation we would see a correction in the next few days. However, given how manic buyers have become, this could continue to go on for a long while. This is the exact opposite of the panic from just 2 weeks ago, and what makes the past few weeks interesting is that all those excuses that caused the panic selling are still there. I am keeping my positions and now I'll have to position trade my hedge as the TA has now risen past my shorting price.

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.