Elliott Wave Stock Market Update - October 29

The market went into consolidation mode today instead of rallying as I was expecting. Still, a higher high was made and we could see the wave evolve into an ending diagonal to challenge the 2100 area. The market has gone up 12% in just 4 weeks and it's not inconceivable to see it rally 2% more for a new all time high before a proper correction. The biggest challenge for the bulls is the 2103-2134 area, if they can clear that then they're good for much higher prices towards the end of the year.

I watched most of the debate last night and I have my list of favorites. However, it doesn't look like they will win. Here are my impressions of the candidates.

Trump - Seems like he has toned it down a little. He just talks a lot about himself in detail, vague plans as a President.
Carson - Seems very analytical, which is good. However, his tax plan doesn't add up. You can't tax GDP at 15%, close "loopholes" and then magically pay for the budget.
Fiorina - I would pick her any day over Hilary and she is my favorite among the Washington outsiders. She has the facts down and is very detailed.
Ted Cruz - I'd hire this guy to be my attorney and he would be excellent as an attorney general. Very sharp but too right wing.
Rubio - Very good talker (reminds me of Obama actually) but his personal finances shows he is not ready for the job he is applying for. Who cashes our his IRA to incur penalties after receiving $1 million in book royalties?
Huckabee - Honest man but too conservative.
Rand Paul - Agree with him the most in principle
Bush - He shot himself in the foot by going after his former protege, shows judgement issues.
John Kasich - Has the experience, knows how things work and he is not deceiving the public like some of the others.
Gov Christie - Has the experience, gets things done, realistic and actually acknowledges global warming. He would be my first choice for the job but unfortunately he is too honest for the general public (people don't like to hear the truth).

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 = Bearish trend being challenged 

* 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.