Elliott Wave Stock Market Update - November 2

I wasn't sure the market could get up to 2100 on Friday but it managed to close slightly above resistance at 2104. As I said last week, I'd be surprised if there is enough bullish momentum to get through resistance levels between 2103-2134 but then again who could have imagined the market would rally this much in 4 weeks? I bought back my shorts today at 2101 and I'm setting the stop at 2015. If the market gets past 2015, there is a high chance for an all time high as this is a W3.

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.