Elliott Wave Stock Market Update - December 1

The market broke support at 2198 and the correction has made a lower low. The next level to watch is 2180 and if that breaks, then we should see a real correction in the next couple of weeks. But if the market is able to bounce from this area, then we will see another all time high fairly soon. Considering oil is rallying, downside should be limited in equities if the correction continues.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com



Short Term Trend = Bullish trend being challenged
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