Monday, February 29, 2016
Elliott Wave Stock Market Update - February 29
The market continued its correction today and ended the day testing the Trend Average. There might be more downside ahead but as long as last week's low holds there will be another rally attempt to a higher high. Oil seems to be headed towards $40 and this will continue to help equities rally in the next few weeks.
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 = Bearish
Long Term Trend = Bearish
* 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 into consideration other factors.