Friday, February 26, 2016
Elliott Wave Stock Market Update - February 27
The market made a higher high today but started to pullback towards the end of the day ending right at support. We could see the correction continue early next week but as long as 1891 doesn't get breached, the target continues to be in 2000+ territory. I think as long as oil continues towards the $40 level there is a very good chance the market will keep rallying.
Have a great weekend!
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.