Tuesday, November 24, 2015

Elliott Wave Stock Market Update - November 24

A lower low was made earlier today after news of the downing of Russian Jets in Syria but the market bounced to close above the TA. It seems the market is planning to finish the count posted, so I am assuming a higher high soon that could possibly challenge the most recent high at 2116. Seasonally speaking, the bias should be bullish around Thanksgiving but we should also account for the ongoing Geo-political risks this year. I bought back my long position towards the end of the day since the stop is clear (W4 low), so hopefully we'll see 2116 tested.

Going forward, I'll probably be more cautious than usual mainly because of political events. The State Dept is issuing a travel alert but I hope everything will be ok. I am going to Asia this weekend and I am supposed to be mindful of the people around me but yet one is not supposed to profile anyone (isn't that a really stupid PC contradiction?). I just hope I don't get any terrorist looking individuals around me, I am going to stab them in the neck with my pen at the first sign of jihad.

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.

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