Elliott Wave Stock Market Update - November 7

Another day, another all time high. It seems like the market can only go up! But again, just like I turned bullish when there was panic. I now favor a correction given how far this rally has gone without a pullback. Technically speaking, the only reason we got this violent rally was because the market was oversold. So next time we get some panic selling, remember how quickly things can turn around even in the absence of any good news.

Have a great weekend!

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.