Elliott Wave Stock Market Update - December 5

The market was able to rally today is what seems like a micro-w3, which implies a higher high is coming as soon as tomorrow and could end up challenging last week's all time high. If we see highs tested, then we could see renewed strength through a IHS set up. I was hoping for a 50 DMA test but I'd be happy with a IHS set up to go long. Also, I sold oil earlier today and will buy in the next pullback. What OPEC does is illegal in a free market economy. What they call "OPEC Meetings",  is called collusion here in the US. Where else can you benefit from blatant price fixing but oil now days? It's easy money.

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