Friday, January 3, 2020

Elliott Wave Stock Market Update - January 3

I assumed prices would push higher before a top but now it seems like the market might have completed the count yesterday. If the count is indeed complete then we should see the start of a stronger correction to consolidate all the gains made in the last few weeks. The Iran issue causes uncertainty in the oil markets and provides the perfect excuse for a strong pullback. Another factor might also be the manufacturing reading this morning showing the worst reading in a decade. So much for bringing manufacturing back to the US!!

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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