Tuesday, March 27, 2018

Elliott Wave Stock Market Update - March 27

The market reversed most of its counter-rally gains today and looks headed for a possible test or break of the 200 DMA in the next day or two. It's too early to make a call but if the 200 DMA breaks, we might see sustained selling for several weeks or months. The key level to watch after a 200 DMA break will be the Feb low at 2532. There will be long opportunities for counter-rallies and I might jump on some of them but for now the assumption is for lower lows to come so no rush to get in.

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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