Elliott Wave Stock Market Update - January 05

The market pulled back as expected but it has not gone into the 2250 area yet. We could see another bearish leg tomorrow to test support at 2255 and possibly bottom there, or we could see bullish momentum pick up again tomorrow and send prices towards a new all-time high. Since the pattern is bullish and the Trend Average is back to bullish as well, I went long on my new TW account at 2268.

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