Tuesday, March 7, 2017

Elliott Wave Stock Market Update - March 7

The market has continued its correction and it looks like a test of the 2358 level mentioned last Friday is a possibility tomorrow. The Trend Average is about to turn bearish for the first time in months but we have to see what happens tomorrow before calling for lower prices. I continue to hold my short position from last week but will close it at 2358 if support holds.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com

Short Term Trend = Bullish trend being challenged
Medium Term Trend = Bullish
Long Term Trend = Bullish

* 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

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