Elliott Wave Stock Market Update - November 4

The market has now fallen 9 days in a row, an event not seen since 1980! I think this illustrates just how nervous the market is due to this election. Prices did rally earlier in the morning and for a minute I thought it was headed towards the 2114 level but all gains were soon reversed after challenging 2100. Technically speaking this early morning counter-rally could be labeled an A or a W4, so we'll find out Monday morning if the bounce continues or a lower low is put in. I ended up holding and will be adjusting my stop to today's low of 2183, I will be selling towards the end of the session on Monday.

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 = 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.