Tuesday, March 8, 2016
Elliott Wave Stock Market Update - March 8
The correction continued today but the count remains the same with the expectation of a higher high that could challenge the 200 DMA. The count would be invalidated only if prices go below the 1961 level. I might attempt a short if the market makes it to 2020 with the expectation of a TA test.
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 trend being challenged
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.