Thursday, November 2, 2017

Elliott Wave Stock Market Update - November 2

We finally found out the details of the tax cuts and like me, the market was not all that excited about it. I was doing the math on it and for pass-though businesses (like the one I own), and we would see a minimal percentage cut. So, not sure if the plan is meant to energize businesses to hire and spend more or for Trump to cut his own taxes. After all, smaller businesses is what dominates the economy on the aggregate, not large corporations. So while a tax cut us is good, a few thousand dollars makes no difference. In fact, I much rather pay those extra few thousand and have a normal President and not one that keeps people up at night. So much for all that talk about taxes, full of BS as usual.

Anyway, the market reactively somewhat negatively but remains positioned to make another ATH. Now that prices are close to 2600, the bull market is nearing the end. Whether it has a few waves left or not, I think the time where all trend turn bearish (which we have not seen in a long time) could come in the next few weeks or few months. For me, it's time to raise and keep cash.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit

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

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