Tuesday, January 23, 2018

Elliott Wave Stock Market Update - January 23

The market made another ATH today and looks like it wants to pause to consolidate gains. Whether it will actually pullback or trade sideways given the current bullish momentum remains to be seen. Looking at the multi-week chart, this rally looks like part of a "blow off top". Which would allow for prices to go to 3000 in a matter of few weeks. The last time I saw this type of manic buying was in China in 2015.

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

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