Monday, January 6, 2020

Elliott Wave Stock Market Update - January 6

The market gapped down early morning and make a lower low just above support at 3212 before rallying and and erasing all losses. It is still too early to tell if this is part of a sideways correction or the beginning of a stronger pullback but how ATH at 3257 holds as resistance should give us a clue of what's to come for the next few weeks. Going by the news, one would assume something big and bad is coming as retaliation for the assassination of the Iranian commander. And btw, that excuse by Trump that he had him killed to "protect Americans" is as old and disingenious as the WMD excuse for the Iraqi War disaster. I get the feeling Trump is completely clueless as to what he is doing in the Middle East. So much for ending "Endless Wars"..

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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