Tuesday, January 31, 2017

Elliott Wave Stock Market Update - January 31

Prices made a slightly lower low in today's session before bouncing towards the end of the day. The close was right on the TA and puts the short-term uptrend into question. If selling continues and the 2257 pivot is breached, we should see a lot more selling ahead. However, if the market respects support then we will see a rally towards 2300 soon.

For further analysis on the NASDAQ, DJI, RUT, Gold, Silver and Oil please visit http://www.ewaveanalytics.com

Short Term Trend = Bullish trend being challenged
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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