Stocks made a significant dip last week and important support levels are giving way. The continuation of the rally that started in November is now questionable. Here is the current Nasdaq chart:
Nasdaq is trying to stay above the important 5800 support level. But all my indicators keep pointing down, showing a strong possibility for more downside action to come. Once the Earl (blue line) turns back up we will have a first indication of a tradeable bottom. So, better be patient here. The LT wave has been working like a Swiss clock so far this month. If it continues that way then we are likely to get a low today followed by several days rebound. Let’s see.
My more long term ELC indicator is still negative. I put it out on Twitter from time to time, this is the latest:
ELC keeps going down since this March 3 tweet https://t.co/wZmgEfoykc and Nasdaq has now dropped <5810. Waiting for a bottom. $QQQ pic.twitter.com/TOcXAw65RY
— LunaticTrader (@lunatictrader1) March 22, 2017
Once the ELC turns higher we can become more confident that a next leg higher is starting. Until that happens I wouldn’t be too aggressive and just wait. The vigor of any rebounds after down swings will also give us important clues.
LunaticTrader Blog 
do you sell your LT wave signal?
It is not for sale at the moment. I post it every month for free here on the blog and on Twitter.
please let me know if you sell the signal program or have subscribe on this signal.
Hi Tony,
You can subscribe to this blog in the top right corner.
The LT wave is posted every month.
Danny