Friday, March 18, 2016
Elliott Wave Stock Market Update - March 18
The market technically went into a "correction" today but looking at the structure I can see even more upside ahead before any significant pullback. There is plenty of resistance between 2076 and 2116 and that would be an ideal place for some sort of top. Also, they serve as ideal levels to go short or hedge for an expected pullback to the 50 DMA. Now, this assumes the 5th wave posted is in play. If the current wave is indeed a bullish W3, then I'd expect the pullback to test the 200 DMA after the top but that's about it.
For an more elaborate analysis of the current wave please visit http://www.ewaveanalytics.com The current rally in equities and oil was called almost perfectly over a month ago on that site.
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.