Friday, January 17, 2020

Elliott Wave Stock Market Update - January 17

The market closed the week at another all-time high and it seems like prices are about to go parabolic at this point. Technically speaking, the market is overdue for a stronger correction but the fact traders have learned to ignore the political news and now we have the truce in the China-US trade war, prices  could continue to go up for the rest of the month to unimaginable levels if the Trend Average keeps its bullish bias. I have stayed out of the US market for most of 2019 but I do have some positions holding DVY since November and probably will not sell until I see a topping pattern in play.

Have a great weekend!

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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