Elliott Wave Stock Market Update - December 11

The market put in a decent rally early morning to almost test the TA again before heading back down. So far we have an ABC move completed, which could also be part a nested bearish 1-2 count. So unless we see strong selling soon, we will likely see the start of a new rally or a zig zag and then the start of a rally. With Oil now trading in the high 50's, odds are a bottom is getting close (for Oil) and sellers will need to find another excuse to sell. Also, we have to keep in mind that all that money consumers have been saving on gas, will likely end up being spent shopping and in turn provide a profit boost to major companies going into 2015. So chances are high we will get a strong end of the month and a strong January.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com


Short Term Trend = Bearish
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.