Elliott Wave Stock Market Update - March 04

The bearish pattern on the chart reached its target today by testing the 2085 support level. Also, the Trend Average is being challenged with today's close and unless we see a rally tomorrow that re-captures 2108 convincingly, we should see lower lows. With that said, the waves in the last few days look very corrective as they overlap each other. So the only bearish option for all these waves to make sense is a sell off tomorrow on a W3, anything short of that will likely point to these last 5 days as a correction and a new rally to new highs.

If we see a sell off, I will use the opportunity to buy more longs for my long term portfolio (maybe add some Russian positions?). But if we get that new high, I will short to hedge as I've been planning for the past few weeks.

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