Tuesday, December 2, 2014

Elliott Wave Stock Market Update - December 2

The market bounced as I had been expecting and we should find out soon if the selling yesterday was just another correction or we will see further selling as soon as the bounce is complete. Ideally, there would be a clear catalyst to scare some traders into selling but I can't really see any one in particular that is getting headlines. If anything, the news are bullish considering Japan and China are at multi-year highs and still rallying.

I bought back the hedge I sold last last week just in case, but if the rally continues, I will try to position trade it again. Fortunately, my longs are doing ok since I'm up to my neck in China shares.

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.

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