Elliott Wave Stock Market Update - March 18

"given the bullish pattern in place, it is likely the trend will go bullish as soon as tomorrow and see the all time high challenged in the next week or two"

As expected, the market rallied today after the Fed announcement and the Trend Average has turned bullish. It's hard to say if the all time highs will be challenged this week since we might see the market go into a W4 correction but higher highs are very likely, unless there's some bearish miracle. An ongoing rally in the US would be in synch with all the major markets around the world, which in a way would feed on itself given worldwide enthusiasm for stocks. But as usual, there will be another bearish excuse for yet another round of selling once enthusiasm dissipates, it happens like clockwork.

I ended up selling half of my Russian stocks to position trade and raised my stops to break even on the rest and I am leaving my Chinese stocks intact as they're going way up. Hopefully, I will buy some VXX when this rally ends later this month or April.

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