Sunday, January 10, 2021

Elliott Wave Stock Market Update - January 10th

What a week! Despite all the political turmoil and what basically amounts to an attempted coup by the loser, the market managed to reach a new all-time high! And this is not even taking into account the record of people getting sick and dying by the thousands.. There seems to be a disconnect somewhere but it is what it is. The TA has been bullish all along and pointing in the right direction and continues to favor higher highs. With that said, the market is very overbought and there should be a change of trend soon. Hopefully, it won't be some violent act related to the loser but after another impeachment, he might just convince enough people to do more stupid things.

Short Term Trend = Bullish trend being challenged

Medium Term Trend = Bullish

Long Term Trend = Bullish

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* Trends are not trading signals. Trends are posted for situational awareness only and do 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 into consideration other factors

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