Elliott Wave Stock Market Update - December 19

The market has continued its consolidation and there is a triangle in place that could result in another bearish leg to test the 2242-2248 support area. I was hoping to a lot more downside prior to a Santa Rally but this might not get much lower before the next leg of the rally starts. So if support is hit, I will be going long with a short stop. I also ended selling my oil position today for a decent profit and will buy again if I see a good 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