Elliott Wave Stock Market Update - December 30

The market rolled over as expected and so far it is looking like a W4. This is the first "significant" daily drop in almost 2 weeks and chances are upside will resume in the next few sessions. Once we get 5 waves counted, then we can start projecting downside for the correction. But I wouldn't be surprised if we get a bullish January considering the momentum and the fact that this intermediate wave from 1972 has a good chance of being a bullish W3. Specially, since fundamentals look strong for the US economy in 2015.

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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 person