Elliott Wave Stock Market Update - December 4

We got another marginal higher high on the SP500 today and the bearish 1-2 count was invalidated. It seems like we could be seeing another rising wedge as the market is facing overhead resistance so unless these upper levels are cleared soon, we will see the 2050 low tested. With that said, there is also an Inverse Head and Shoulders targeting 2101 so we need to see the TA turn bearish soon or else we will see more upside. I am keeping my positions intact as I am enjoying the strong rally in China (which seems to be in the early stages of a multi-year bull market) and hedging with VXX.

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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.