Elliott Wave Stock Market Update - November 3

The market managed to log its 8th consecutive negative session, something it has not done since 2008. The difference however is back then the market was down 23% in the same time frame vs a somewhat negligible 3% this time. The lower low today touched the target level of 2075-2085 mentioned yesterday and we could see a counter-rally as soon as tomorrow as long as support doesn't get breached. I couldn't resist the temptation so I bought back what I sold last week at the low and will probably sell tomorrow or Monday right before the election. A test of the Trend Average in a day or two seems like a long shot so I will be happy with a test of the 2114 resistance level.

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.