Elliott Wave Stock Market Update - December 14

The market corrected had corrected as expected and today's pullback is the strongest one-day pullback since early November. Given how overbought the market is, there is plenty of room for further downside. However, since traders are still high on positive sentiment, we could see a rally back to the top as long as the Trend Average remains bullish. I ended closing my shorts for a nice profit and will again go short again if I see a favorable bearish pattern or long on a good risk/reward set up.

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