Elliott Wave Stock Market Update - February 27

The market managed to close slightly below the Trend Average, signaling a possible stronger correction starting next week. So far there's a target of 2086 if the selling gains momentum, but first the market needs to break 2103. Alternatively, the selling in the last couple of days could be viewed as a minor correction that will lead to another bullish run next week but the market must trade above the Trend Average (2107) for this to happen. I've been waiting to short (for hedging purposes) for weeks, but I rather wait longer until a clear opportunity presents itself.  In the meantime, I continue to be long and hoping for a break out in the Chinese ETFs I have. Today was a 6+ year high, so it's looking very promising.

Have a great weekend!

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com


Short Term Trend = Bullish
Medium Term Trend = Bullish

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 whipsaw