Elliott Wave Stock Market Update - December 2

Prices managed to bounce and stay above yesterday's low but the Trend Average has turned bearish. Looking at the pattern, if support keeps holding, we should see a rally early next week. However, a break of 2187(and especially 2180) will lead to a much bigger decline to perhaps test the 50 DMA currently at 2156.  I have only been long in oil in the past month but if stock prices get to the 2150 level, I'll get in long again.

Have a great weekend!

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