Thursday, March 5, 2015

Elliott Wave Stock Market Update - March 05

The market did not sell off to verify the bearish count but it wasn't able to re-capture its Trend Average either. So the market is technically stuck between the 2085 support and 2103 resistance, and my guess whichever breaks first will likely point to where the trend is going in the next few days. The TA has now officially turn bearish since the number has started to drop, so I guess it will come down to the jobs report for a good excuse to move the market. I started long positions in Russia using 2085 as a level to monitor or stop out. I figure if oil continues to stabilize and Putin doesn't go too crazy, RSX will be tested its 200 DMA at around $20.

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

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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