Tuesday, March 28, 2017

Elliott Wave Stock Market Update - March 28

Prices have rallied towards the Trend Average as expected and the close was right on it.  Given the sharp rally from yesterday's lows, it looks like there will be a 5 count on this wave so it might go as high as 2381 before completing the count. With that said, there are only 3 waves in place and the pattern count also be interpreted as an ABC with a sell off to come. But given the close on the TA and the fact that it's not May yet, I lean towards more upside before we see serious selling.

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

Short Term Trend = Bearish 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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