Saturday, January 23, 2021

Elliott Wave Stock Market Update - January 23rd

Finally, we have a new President! I am glad we are moving on and getting back to normalcy after 4 years of a clown pretending to be a leader. Hopefully, we will never see anything like this ever again. 

The market has continued to make higher highs and the TA has been right basically since the rally started. I believed prices would resume selling at some point in 2020 but I was wrong about that as it has been a non-stop rally since the sell-off in March. And now that there is an end in sight to the pandemic, the recession and we have a new administration, I don't know what the catalyst would be for a bear market other than the fact that equities are overbought. But I think the next longer term bearish wave will set the earth for the next year or so. If the low in the next correction fails to go below the one last year at 2200 then basically prices will continue to rally to new highs. I have all this cash on the sidelines so I hope to see that bigger correction soon!

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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