Elliott Wave Stock Market Update - March 26

The market started the expected bounce but it wasn't until a lower low was reached, so now the Trend Average has turned bearish and I've changed the labels on the count to reflect a bearish 5 wave count which calls for 2040 to be tested. The Trend Average signal could be whipsawed if we see a strong bullish wave tomorrow but that is not as probable, the bias is now bearish and a break of 2039.69 will likely lead to a bigger correction after a bearish B or W2 wave. If bulls are able to successfully defend the 2040 level, then I expect the market to challenge the Trend Average. I'm still holding the long position from yesterday, which I will sell on the bounce.

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Short Term Trend = Bearish
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