Elliott Wave Stock Market Update - March 13

The market headed down as expected but it fell short of testing its Trend Average. However, given the low for today was again the 2041 support level, there's a good chance there will be another attempt to test the TA early next week. What will happen then will probably dictate market direction for the rest of the month. Failure to turn the trend bullish will most likely result in lower lows, but a re-capture of the TA opens the chance for new all time highs as the market has corrected enough to build another base for another multi-week rally. Oil is testing its lows and might end up making lower lows, which will create new opportunities for a counter rally trade in oil related stocks.

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 = 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