Thursday, March 17, 2016
Elliott Wave Stock Market Update - March 17
Yesterday I posted "the count could be correct and currently completing or this is just about to shoot way up". Today I am starting to lean towards the market going towards the 2100 level given the huge day in transports. In the most recent corrective cycle, transports was the first index to break down and now it is the strongest performing index. I mentioned last week that if the 200 DMA was re-captured there would be a good possibility of the market turning its long term trend to the bullish side and it seems like this will be the case. Lastly, oil has hit $40 as I speculated about over a month ago and stability there will provide the perfect excuse for a turn in sentiment.
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 trend being challenged
* 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.