Elliott Wave Stock Market Update - March 12

"The next support level is at 2041 and it looks like the bottom could be in today or tomorrow at the test of this level."

The market bounced as I had been expecting towards the 50 DMA and now there's a good chance the Trend Average will be tested as well. Assuming this is a counter-rally, we should see the market head down again once it hits resistance. But given the fact the reason for selling has been rather weak, we could see follow through buying and a trend change if the TA gets convincingly re-captured. I sold some of my China ETF that I had been holding since last year and replaced them with Russia. While Russia is probably nowhere near out of its economic crisis, stocks there are ridiculously cheap.

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