Elliott Wave Stock Market Update - March 19

The market went into a correction expected and we could see a triangle form or a zig zag before going to an all time high challenge. Trade under 2081.41 would eliminate the bullish 5 wave count, so all is clear as long as support doesn't get breached. Also, it's worth noting the RUT already made substantial new all time highs yesterday and a little help from oil and the dollar could easily lift the broader market to new highs next week. I ended up buying some oil today given it's lower risk/reward set up for another tradeable bounce to its 50 DMA. Gold and Silver look promising as well, but I rather wait and buy on a pullback.

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


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 whipsaw