Thursday, March 10, 2016
Elliott Wave Stock Market Update - March 10
The W4 remains a possibility but it will start looking suspect if we don't see a rally tomorrow. Considering recent advances in oil and the aggressive QE the EU is implementing, I'm surprised the market didn't gain traction today. So failure to complete the 5 wave count will lead to a bigger correction, perhaps to the 1931 level.
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 = 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.