Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
Trump Stocks and Crypto Mania 2025 Incoming as Bitcoin Breaks Above $100k - 8th Dec 24
Gold Price Multiple Confirmations - Are You Ready? - 8th Dec 24
Gold Price Monster Upleg Lives - 8th Dec 24
Stock & Crypto Markets Going into December 2024 - 2nd Dec 24
US Presidential Election Year Stock Market Seasonal Trend - 29th Nov 24
Who controls the past controls the future: who controls the present controls the past - 29th Nov 24
Gold After Trump Wins - 29th Nov 24
The AI Stocks, Housing, Inflation and Bitcoin Crypto Mega-trends - 27th Nov 24
Gold Price Ahead of the Thanksgiving Weekend - 27th Nov 24
Bitcoin Gravy Train Trend Forecast to June 2025 - 24th Nov 24
Stocks, Bitcoin and Crypto Markets Breaking Bad on Donald Trump Pump - 21st Nov 24
Gold Price To Re-Test $2,700 - 21st Nov 24
Stock Market Sentiment Speaks: This Is My Strong Warning To You - 21st Nov 24
Financial Crisis 2025 - This is Going to Shock People! - 21st Nov 24
Dubai Deluge - AI Tech Stocks Earnings Correction Opportunities - 18th Nov 24
Why President Trump Has NO Real Power - Deep State Military Industrial Complex - 8th Nov 24
Social Grant Increases and Serge Belamant Amid South Africa's New Political Landscape - 8th Nov 24
Is Forex Worth It? - 8th Nov 24
Nvidia Numero Uno in Count Down to President Donald Pump Election Victory - 5th Nov 24
Trump or Harris - Who Wins US Presidential Election 2024 Forecast Prediction - 5th Nov 24
Stock Market Brief in Count Down to US Election Result 2024 - 3rd Nov 24
Gold Stocks’ Winter Rally 2024 - 3rd Nov 24
Why Countdown to U.S. Recession is Underway - 3rd Nov 24
Stock Market Trend Forecast to Jan 2025 - 2nd Nov 24
President Donald PUMP Forecast to Win US Presidential Election 2024 - 1st Nov 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

US Stock Markets - Near Term Bottom or Waterfall Crash?

Stock-Markets / US Stock Markets Jan 21, 2008 - 04:56 PM GMT

By: Joseph_Russo

Stock-Markets

Hauntingly Familiar
Here we are once again, suddenly embroiled amid a frenzy of financial crisis, and looming bail-out interventions.

The jury is still out as to whether or not this crisis will turn out to be “the big one” that will take down the entire house of cards.


Inevitably, the day will come when no form of economic stimulus or monetary policy interventions will be sufficient enough to provide remedy to the decades of sub-standard stewardship rendered by our elected officials.

Until such a day of reckoning arrives, we can not discount the possibility that the present cast of self-perceived masters-of-the-universe and their monopoly stronghold, which is rapidly fracturing, will prevail once again.

Following this week's short-term trading summary, we will provide a brief, big-picture overview of the broad market indices to see just how vulnerable they have become in the last three months.

Maintaining Resolve

Another such song that remains the same is the one we sing daily while interpreting the price-action landscape from a short-term trader's perspective.

Our analysis is purely a function of price-action, which in turn is continually reconciled against our longer-term wave counts and view of overall market structures.

Our proprietary work graphically deciphers the dynamic price-action landscape as it unfolds. We carefully draft the analysis to be free of bias, highlighting most, if not all of the pending and active trade-triggers telegraphed within a given price series.

Short-Term Trading Summary: Week ending 18-Jan.

From a counter-trend rally standpoint – though we continue to anticipate and prepare for one, as of last week - no low was low enough from which to launch a sustainable counter-trend rally.

Coming into last week on the short-side with two successive sell-triggers, a pair of intervening stabs at a tradable low failed miserably.

Shortly thereafter, we were back on the right side of things with another sell-trigger elected on Wednesday.

Thursday provided additional justification to probe for a low. Following a modest rally attempt at the open on Friday, this effort also ended up failing.

Friday's failed rally-attempt allowed us a rare second chance to enter a previously triggered short-trade (circled) which we failed to identify in our prior days report.

All said and done, we took over 580 points from the Dow by week's end.

below is graphic summary of this week's trade-triggers identified via Elliott Wave Technology's Near Term Outlook . 

the Broad market update (big-picture)

On a grand-scale, major equity indices have breached key-minor support levels in recent weeks. They are fast approaching a time frame in which a swift and forceful recovery must get underway in order to re-claim and salvage their fractured minor-degree up-trends.

Failure to do so in a timely fashion, accompanied by an acceleration of losses, risks engendering widespread recognition that a longer-term “trend change” to the downside has embedded itself in the minds of the majority of participants both large and small. 

Should one have interest in receiving regular updates of our technical analysis for the long-term, and/or subscriber access to monitor our proprietary short-term market landscapes, we invite you to visit our web-site or blog page to obtain additional information.

The Near Term Outlook covers the short-term Dow, S&P, and NDX five-days-per-week, and issues near-term updates for the Dollar, Gold, Crude Oil, and the HUI two times per week.

Trade Better / Invest Smarter...

By Joseph Russo
Chief Editor and Technical Analyst
Elliott Wave Technology

Copyright © 2008 Elliott Wave Technology. All Rights Reserved.
Joseph Russo, presently the Publisher and Chief Market analyst for Elliott Wave Technology, has been studying Elliott Wave Theory, and the Technical Analysis of Financial Markets since 1991 and currently maintains active member status in the "Market Technicians Association." Joe continues to expand his body of knowledge through the MTA's accredited CMT program.

Joseph Russo Archive

© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in