Elliott Wave Stock Market Update - January 12

Prices plunged at the open through 2260 support, eliminating the previous bullish set up. However, there was a strong counter-rally after a bottom at 2254 was found and the market closed comfortably above the Trend Average. I was hoping we would see ATH today but the market has not made up its mind yet. So now, key support for an ongoing rally becomes 2254 and new highs will come if the TA remains bullish.

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