Elliott Wave Stock Market Update - November 18

Prices came within 4 points of a new all time high but just could not get past resistance. The market could use a break at this point and correcting back to the 2150 level would be a reasonable price correction. However, as I said yesterday, the market could enter into a sideways correction instead and bounce around the 2170-2190 area before another bullish leg materializes. Now that the elections are over, the next major catalyst for the market will be the holidays and earning prospects in January.

Have a great weekend!

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 = 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