Monday, March 21, 2016
Elliott Wave Stock Market Update - March 21
The small correction from Friday continued for most of the day today but the wave made a higher high at 2054 in what I expect to be another impulse. We should see another rally tomorrow or Wednesday as long as 2043.14 doesn't get breached. Also, the 5th wave for the entire structure from 1810 is about to run out of waves so if the rally persists, I will be changing the labels to a nested 1-2 set up where the current wave is a W3 of a W3. I know it's hard for some skeptics to accept the fact that new all time highs could be made but the rally in oil along with a weaker dollar provides enough of an excuse for the rally to continue.
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.