Elliott Wave Stock Market Update - January 06

The market made a new all-time high as expected and higher prices should come next week as long as 2260 doesn't get breached. The potential count is a bullish nested W3 but we have to see how the rally evolves next week before placing labels. Maybe prices will stage a rally all the way to Obama's last day as President? The market has tripled since he took office so we might see all-time highs the day he leaves. Obviously, the rally had nothing to do with Obama but I am sure Democrats would like to get credit for that. And I hope the inverse doesn't happen with Trump but he will most likely get a recession and a bear market under his watch.

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