Elliott Wave Stock Market Update - December 1

The market finally started a correction that closed under the Trend Average, but it remains to be see if this is just one of those 20-30 point pullbacks that end up being reversed completely as we have seen  6 times since the 1821 low. Also, the catalysts for selling were not all that serious (Black Friday sales, China PMI, Oil?) so the market could snap back to euphoria after a day or two. Ideally, there would be substantial selling to consolidate gains and then get the market ready for a Santa Rally. I guess we'll find out this week if that's what the market wants to do.

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.