Elliott Wave Stock Market Update - December 5

The market found resistance and support today in the rising wedge trendlines, so we might see the market break out of the rising wedge on Monday or Tuesday. If the market can sell off to 2050 and bounce from there, we could get a Head and Shoulders. Which would fit well with the bearish MACD rollover and the fact that this market has rallied 14% without any significant correction. If the bulls manage to break the wedge to the upside, then 2100 will be the next stop but I doubt it at this point.. that would be insanity. 

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.