Wednesday, March 21, 2018

Elliott Wave Stock Market Update - March 21

Prices made a higher high for the counter-rally but gains were erased by the end of the session and we should see selling tomorrow to test and possible break support at 2695. Looking at the daily chart, the market is ready for a big sell-off and I think we will see the 200 DMA tested again in the next few weeks. I sold my oil position today and back to all cash in my trading account.

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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