Tuesday, January 9, 2018

Elliott Wave Stock Market Update - January 9

The market made another all-time high as expected but I finally see signs of a top on the wave structure. Prices should head towards a TA test before getting above the high made today at 2759, if prices make another high then the bearish pattern is invalidated. I placed my first trade for the year and it is a short at close with the 2759 as the stop. If prices head down to the TA and stay above it, then I'll probably go long and join the melt-up.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com

Short Term Trend = Bullish
Medium Term Trend = Bullish
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 whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking

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