Thursday, March 1, 2018

Elliott Wave Stock Market Update - March 1

Key support at 2697 broke today and the bullish count has been invalidated. While one could argue the uptrend is still in place until the low at 2532 is broken, selling pressure is likely to pick up in the next few sessions and could send prices to test the 2532 low if not lower into the 2400s before any significant bounce. I went long after the initial bounce from support but ended stopping out at a loss when support was breached.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit

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

No comments:

Post a Comment