Tuesday, November 1, 2016

Elliott Wave Stock Market Update - November 1

The market sold off for most of the day to reach the H&S target mentioned last week before mounting a counter rally in the last couple of hours. The low today was 2097 and if the bounce fails to get past 2119 then I see another bearish leg towards the 2075-2085 area. I normally would go long if one more bearish leg materializes but considering the election is on Tuesday, it's probably best to look at this from the sidelines. No need to rush into anything.

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 trend being challenged
Long Term Trend = Bullish

* 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.

Elliott Wave Analytics

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