Thursday, January 26, 2017

Elliott Wave Stock Market Update - January 26

The market finally hit the 2300 level today before going into a mild correction. I had the count complete yesterday but going by how corrective the pullback looked today, I am re-labeling the chart to give room for another leg to a higher high in the next session or two. The market is ignoring Trump at the moment but we could see a bigger correction soon, as Trump gives the market plenty of excuses to sell. For one, imposing 20% on Mexican imports will only lead to retaliation from US's second largest export market. If he wanted Mexico to pay for the wall, he could have done it by other means and not by messing with trade.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit

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

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