Elliott Wave Stock Market Update - March 27

The market has continued to trade in what seems like a W4. If the count is correct we will see a lower low early next week in cash or pre-market. One could make an argument for the bearish 5 count being completed at 2045, but I think it'd be better to expect a lower low for trading purposes. The big question is whether the uptrend will hold or will we see a deeper correction. The small bounce today allowed me to sell my longs for a decent profit, so I will be positioning long for another bounce or shorting again next week depending of which levels are tested first. Also, oil might provide a good opportunity next week on a sell off or a rally given the upcoming Iran nuke deal. If Iran's sanctions are lifted, there will be more oil coming into an already oversupplied market so lower lows for oil could be expected.

Have a great weekend!

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


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