Tuesday, November 8, 2016

Elliott Wave Stock Market Update - November 8

The market continued its rally today by testing the 50 DMA before falling slightly to close at 2139. If Hillary wins today, we should see prices break out of resistance at 2150-2155 and perhaps even shoot towards all time highs without much of a pause. However, if Trump surprises then it will be downhill from tomorrow on. I am ready to buy at the break out or start building short positions if motor mouth wins. Whatever happens, I just hope the next 4 years will be ok. I hope the economy continues to grow (after the coming recession) and above all peace in this world.

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 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

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