Elliott Wave Stock Market Update - January 23

The market continued to sell off today and tested the 2255 support level as I had been expecting. The counter-rally from the 2257 bottom was a 5 count wave, so I am assuming recent highs will be challenged again and possibly even the ATH sometime this week. With that said, the TA turned bearish with today's close and prices must stay above support or risk a real sell-off. I bought back my long position towards the end of the day, so managed to improved cost by a few points.

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Short Term Trend = Bearish
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