Friday, January 31, 2020

Elliott Wave Stock Market Update - January 31

The market closed the week firmly bearish in what could be the first of several bearish weeks to come. I posted a completed bearish 5 count that could call for a temporary bottom soon but the wave structure can also be interpreted as a bearish 1-2 set up with severe downside to come next week. There is some panic right now but this has been expected so it doesn't come as suprise.

Have a great weekend!

Short Term Trend = Bearish
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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