Elliott Wave Stock Market Update - November 5

The market made a lower low and tested the Trend Average as I had anticipated but it failed to go to the 2080's area as I had been hoping. This correction was expected to be shallow so we could see the market start a  rally tomorrow in its final 5th wave to challenge the all time high. I'm assuming the jobs report will be the excuse for a rally and at this point it won't really matter if it's good or bad, momentum is on the bulls side. I ended up stopping out of my short at break even on the market reversal, so I'll give it another shot near the all time high.

Also, China confirmed its bottom (and my count) yesterday by going above an important resistance level and that takes away one of the excuses for the market sell off here in the US in the summer.  I am starting to see headlines on a new "China bull market" because of its 20% rise but that's as useful as calling the correction from its high a "bear market". What I am paying attention to is continued confirmation of a W3 that will put the SSEC above its high this year.

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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.