Thursday, January 28, 2016
Elliott Wave Stock Market Update - January 28
The market managed to close above the Trend Average but still hasn't made a significant move to break out of the pattern. Oil has resumed its rally towards the $37 level and technically this should be a good enough excuse for equity bulls to come back. But I guess bulls are trying to make up their minds at this point. China has made another lower low and it is now off almost 50% off its recent peak from summer 2015. Retail investors dominate the SSEC and it is interesting to see how the same people who were buying like crazy less than a year ago are now selling a market that is extremely cheap at the moment. I was hoping I'd hit my retirement goal this year but I guess I might have to wait until my original 2017 year after all.
For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com
Short Term Trend = Bearish trend being challenged
Medium Term Trend = Bearish
Long Term Trend = Bearish
* 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 into consideration other factors.