Elliott Wave Stock Market Update - January 13

The market closed up today but remains under resistance. Again, I assume prices will start breaking out sooner than later to a new trading range, just in time for the presidential transition. Also, it's worth noting the NASDAQ closed at an all time high today and this supports a broad market rally in the next week or so. I labeled a possible micro-count on the chart, so we'll see if prices follow the pattern earlier next week.

Have a great weekend!

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