Elliott Wave Stock Market Update - December 15

Prices attempted to rally today but found resistance at 2272 before giving up some of its gains for the rest of the day. Ideally, the correction would continue and test the rising Trend Average. But as I said yesterday, bullish sentiment is strong and we might just see shallow pullbacks for the next couple of weeks. I was able to go short again near resistance and closed the position at the end of the day to pay for my coffee next month :)

I just bought back oil and looking to gold for possible longs in the next few sessions. Gold could be close to a  bottom after selling off 18% in 6 months.

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