Elliott Wave Stock Market Update - December 29

Prices continued to sell off today but seemed to have bottomed just right above the 2242 support level. Now that there is a possible bottom pattern in place, we'll see if bulls intend to resume the rally soon for a strong January. The TA has turned bearish but I am still holding long because support has not broken, so I am hoping new highs will comes as I had anticipated.

I also sent in my check today to the brokerage for the new "Trending Waves" account. I should have the account funded by the time the market opens for 2017 next week. I had a relatively good trading year but I can't really pin point what my percentage return was as I kept varying my position size (with margin). With the new account, it will be clear as I will only use principal to trade on that account. Also, I am still hoping my China shares will get to 2007 highs in 2017 so I can really seal my retirement goal. Technically speaking, I'm set right now but primarily because of my business not because of the China trade. So if the SSEC can get to the goal, it will be like icing on the cake.

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


Short Term Trend = Bearish
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