Tuesday, November 17, 2015

Elliott Wave Stock Market Update - November 17

The market tested the Trend Average and the 2068 resistance level early today but fell short on confirming the beginning of a sustained rally. I assume the wave from 2019 to 2066 will continue to correct before resuming the rally. However,if the market ends up selling off in the next couple of sessions to a lower low then the 1990 level will likely be tested. I raised my stops on my longs to break even, so hopefully my stop won't trigger.

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

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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