Tuesday, March 22, 2016
Elliott Wave Stock Market Update - March 22
Another high was made today despite the unfortunate events in Europe. However, the 2043 low was breached and today's higher high could be the top of the count posted. With that said, if the 2040 low from today stays intact, then we could see a micro 5 count evolve to challenge multi-month resistance at 2076.
I was planning to go to Europe in the summer this year but with all these attacks and uncovered terrorists cells, I think I will just head to the Caribean or somewhere domestically (maybe Hawaii?). ISIS is sending terrorists to the west and continues to plan attacks as a way to fight a "war" against the west and until they are faced head on, these attacks will continue. I remember an interview where General Schwarzkopf (commander of the first Persian Gulf War) questioned why Bush Sr did not push all the way to Baghdad to take out Saddam Hussein and what we are seeing today is the obvious answer. These regions need dictators to keep the extreme elements in check and not democracy. And the ongoing mess in the Middle East is a reflection of failures by Bush Jr and Obama's administration to understand the fact that democracy is not meant for everyone.
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.