Monday, January 26, 2015

Elliott Wave Stock Market Update - January 26

The market tested the 2038 level I mentioned last week and we could see a 5th wave starting tomorrow to break the most recent high of 2064. It's impossible to tell if the market will follow though on its Cup and Handle pattern but so far it's looking like it wants to. The outcome in Greece was the one event that sellers could take advantage of, but now that the news have been absorbed, there is nothing much sellers can sell into at the moment. And considering Apple is reporting earnings tomorrow  (Apple should deliver strong results) along with other leading companies this week, bulls have the news advantage and that could ignite a strong rally to new all time highs.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit

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

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