Elliott Wave Stock Market Update - March 16

"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."

That higher low on Friday turned out to be a clue of what came today. The Trend Average was not only tested, but re-captured. While it's still too early to give the bulls the all clear, that 2041 level holding gives a bullish bias to the market. If we are going to see a deeper correction, support must break in the next few days or else the market will be making all time highs again. Markets around the world from China to Germany are hitting all time or multi-year highs, so it makes more sense the US joins the party during this period. Some people might worry about oil and dollar strength, but as I've been saying for months, they are just excuses (oil hit a multi-year low today at $42 and the dollar hit a multi-year high) as proven today.

I am holding to my Russian and Chinese stocks short term trades and added more China to my long term portfolio. Maybe I'll get a chance to short this time if the market goes for the ATH.

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


Short Term Trend = Bearish trend being challenged
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