Elliott Wave Stock Market Update - March 25

The market ended up breaking support and closing comfortably below the Trend Average with today's sell off. I was hoping to get a nice and predictable Head and Shoulders pattern but that's not what the market had in mind. Instead, the market ended up closing right on support at 2061 and if this level fails to hold, we're looking at the uptrend being tested at 2039. With that said, the correction should not come as a surprise as this had been expected on my post from last week:

"The ideal target level for the coming correction is 2085 before the resumption of the rally, but obviously lower levels are possible as long as 2039 doesn't get re-visited"


Anyway, I ended up going long towards the end of the day as I think a bounce is due. My stop is 2039.

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