Monday, March 2, 2020

Elliott Wave Stock Market Update - March 02

The market staged the massive counter-rally I mentioned on Friday and we could see more upside up to gap resistance around 3250. I think the damage is already done and rallies will be sold into at the right levels given the the likelihood of a major increase of confirmed corona cases in the US in the next week or two. What will be interesting to see is if there is a national emergency declared by FEMA. I am sure Trump will be displeased with those that say the corona virus is NOT a hoax and will test common sense (again) in this country.

Short Term Trend = Bearish
Medium Term Trend = Bullish trend being challenged
Long Term Trend = Bullish trend being challenged

* 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 whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking

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