Friday, March 11, 2016
Elliott Wave Stock Market Update - March 11
The SP500 finally made a direct challenge to the 200 DMA as I had been expecting for quite some time and the next week or two will prove pivotal to the long term trend. The market has rallied for almost 12% in just one month and as I pointed out on my long term chart on posted February 12th, there is a good probability this could be the initial stages of a LT W5. I know it's hard for some people to imagine the market going higher but the long term chart has worked very well for the past 5 years in giving an overall direction for the market. So until proven wrong, I will assume new all time highs are coming in the not too distant future. A top for the entire rally from 2009 would be ideal in the first year of the next Presidency. Who gets the blame for the next recession will probably be between Hilary and Trump.
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 = 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.