Elliott Wave Stock Market Update - December 8

The market sold off today as expected in what looks like a potential micro 5 wave count. If the labels are correct, we should see another leg to test the 2050 support and possibly set up a neckline for a Head and Shoulders. If there's going to be a substantial correction, it should start right now so the market can position itself for a Santa Rally. So we'll see if the Trend Average turns bearish after being bullish for 7 straight weeks.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com


Short Term Trend = Bullish trend being challenged
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.