Elliott Wave Stock Market Update - November 4

The market continued its correction today by putting in a lower low at 2096. I am expecting the rising Trend Average to be tested, so one more down wave to the 2080 area would be ideal. Not sure yet if that will the low for W4 since corrections were expected to be shallow once the market broke its 200 DMA almost two weeks ago. But I will cover my short position at that level hopefully and buy it back at an all time high challenge or maybe a new all time high.

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.