Monday, November 16, 2015

Elliott Wave Stock Market Update - November 16

The market bounced right off the 2020 support level in a very bullish day. And as I mentioned last week, one could argue for an ABC move from the 2016 top and a rally past 2068 will confirm this. In an ideal world, the market would continue to correct and test today's low again after this rally exhausts. But considering my target area for the correction (1990-2020) has already been reached, the market is free to continue to rally without pulling back.

I assumed the tragedy in Paris would affect sentiment but I guess the market is moving on. This mess in the Middle East will continue to linger until we just leave the entire place or go back in there and annihilate the terrorists. This war from the air is not doing much unfortunately and Obama is basically clueless (not that this mess is primarily his fault). Too bad we can't just drop a nuke and get rid of them once in for all.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit

Short Term Trend = Bearish
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.

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