Elliott Wave Stock Market Update - December 3

The market almost made it to the all time high set on Friday in what looks like B so far (could still be a bearish W2), so we should see what is the bearish response as soon as tomorrow morning. Also, there is now bearish cross on the daily MACD and more often than not, we have seen the 50 DMA tested whenever we get a rollover on this particular oscillator. Currently, the 50 DMA is at 1989 and the 200 DMA at 1939. If the market is going to behave "normaly", we should see decent bearish action very soon. However, if the euphoria continues, I can see this market rallying past 2100+ towards the ends of the year easily. I am still holding to my longs just in case but I switched my hedge today from SH (short SP500) to VXX in hopes we see some excitement in the next few days.

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.