Wednesday, March 4, 2020

Elliott Wave Stock Market Update - March 04

The market has been very volatile in the last couple of sessions and it shouldn't come as a surprise given the extreme sell-off last week. The surprise comeback by Biden was the excuse today for the rally but it is just an excuse as the underlying reason the market started to panic remains in place. If anything, the virus is now popping up everywhere and will only continue as people I am sure people are now infected and don't even know it. So perhaps we will see prices rise to gap resistance at 3250 before selling off again. It should be an interesting next few weeks.

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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