Monday, March 19, 2018

Elliott Wave Stock Market Update - March 19

The count I was following was invalidated at the breach of support at 2732 and it seems we are looking at a new and possibly stronger bearish wave coming. It is rare to see a major leading index like the NASDAQ make an all time high and not the SP500, this a sign that other sectors are underperforming and pulling down the broader market. The TA turned negative with today's close and the support levels to watch are 2695 and 2650, if these levels fail to hold the selling we should see 2532 re-visited in the next week or two.

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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