Elliott Wave Stock Market Update - December 26

The market has continued to make new highs as expected and it doesn't even look like the W3 is done. Also, the RUT made new all time highs, so all markets are now in synch on this bull run. I ended up stopping out of my oil position (at a profit) on today's oil sell off. It looks like oil has been triangulating and there will be one more leg down that could find a significant bottom. Perhaps that expected bearish leg in oil will be the excuse for a mild correction in equities.

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.