Tuesday, March 10, 2015

Elliott Wave Stock Market Update - March 10

The market put in another bearish wave as expected and it broke through the 2056-62 support easily. The next support level is at 2041 and it looks like the bottom could be in today or tomorrow at the test of this level. Now, the counter rally should be interesting as this wave could turn out to be part of a zig zag. I expect the 50 DMA to be naturally challenged but 2072 and the top itself at 2120 could be targets. The Trend Average is now at 2091 and falling and most likely will be tested as well on the coming bounce, whether the TA can change to the bullish side it's another question. The theme of the moment is now dollar strength, but will that be enough to cause a panic sell off? I doubt it will but we'll see. I bought back the Russian ETF for the bounce.

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 whipsaw

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