Elliott Wave Stock Market Update - January 21

The market had a bearish opening but nonetheless ended up rallying the rest of the day. closing above the Trend Avg and possibly following a bullish nested 1-2 count. Given the ECB announcement will be on Thursday (before the market opens in the US), the bullish count looks like a strong possibility since QE would be bullish for equities. The TA is technically bullish already since the number is going slightly up, but I wanted to get 2 closes above it before confirming a turn. After 3 weeks of selling, the market is basically just 3% off all time highs and oscillators have been reset so no one should be surprised if there's a huge bull run for the next few weeks.

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

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