Saturday, January 30, 2021

Elliott Wave Stock Market Update - January 30th


The Trend Average finally turned bearish this week after months of being bullish. The market lost -3.49% for the week and we will see much lower prices as long as the TA remains bearish. The 200 DMA is at 3349 and just a test of this level would make it a 10%+ correction so we'll see if prices get there fast or will start bouncing around. Technically speaking, the selling should have occurred when we had all the election drama and record covid-19 cases so not sure what could send the market into a stronger sell-off other than the fact that it is overbought. I don't think a short-squeeze on Game Stop is enough of a reason to send prices under the 200 DMA but who knows!?

Short Term Trend = Bearish

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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