Tuesday, March 24, 2015

Elliott Wave Stock Market Update - March 24

The market has continued to correct and closed within a few points of the 2085 support level. While the expectation is for the market to test support or the TA, we could see the test in after hours so we could see the market start rallying from here. As it is, there's a clear ABC move from the top and we could see the start of the next bullish wave at any moment, with the condition of course that support and the Trend Average holds.

I ended up closing my shorts at a profit towards the end of the day but not going long in new positions just yet.

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

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