Tuesday, March 6, 2018

Elliott Wave Stock Market Update - March 6

Yesterday I mentioned the market needed an excuse to sell-off and I just received a text from CNBC reporting Gary Cohn (Chief economic adviser to the WH) has resigned. So despite the slightly positive close today, we should see a substantial selling tomorrow. Gary Cohn's resignation gives the appearance of complete chaos in the White House given the numerous resignations and scandals in the last year, which is not good for stocks or the economy. Jeb Bush said it during the debates and he has been right all along, Trump is the chaos president and we have 3 more years of it too. That is of course, Trump gets impeached or overthrown.

Anyway, going back to the market. I expect the 200 DMA to be tested again but the key level will be the 2532 low I have been mentioning.

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

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