Elliott Wave Stock Market Update - March 11

The sell off continued today and tested the 2041 level I was expecting. Ideally, the bottom will be at this support level for wave proportionality purposes, but if this level breaks then we're looking at 2021 as the next stop. The ongoing bearish theme continues to be the strong dollar, which is getting closer to parity with the Euro and causing a sell off in gold and silver as well. But let's not forget this entire move was expected, so technically speaking there is nothing out of the ordinary.

From my Feb 21st post on gold on  http://www.ewaveanalytics.com

The downtrend has continued as expected and we should see 1186 tested fairly soon given the current trend. What will be interesting is whether gold will be aiming for the 1130 low from last year.

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


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 whipsaw