Elliott Wave Stock Market Update - March 02

The market did not follow through on its bearish pattern and instead managed to get very close to its all time high. But since the the DJIA, RUT and the NASDAQ closed at significant highs, it's very likely the SP500 will make another ATH soon. Whether or not it will get 2,150 will depend on a micro-W3 materializing in the next couple of sessions. A breach of 2,103.75 would eliminate the bullish bias. Maybe I'll get to short to hedge after all when bears throw in the towel.

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