Saturday, July 13, 2024

ES Morning Update January 17th 2020

The grind continues this Friday morning. The bulls just don't seem to ever want to rest. But a holiday is near (next Monday the markets are closed for MLK day), and "turns" in the market are common around them. So I would not be surprised if we top out today or next Tuesday and then start down some. In the beginning pullbacks should be small as "buy the dippers" keep jumping in, but that just sets up a nice series of wave 1's (or A) down and wave 2's (or B) up.

And we all know that while Elliottwave can't really predict the market in the future very accurately alone, it does aid when combined with other methods. If it plays out like I think it might then a larger drop should start by the end of next week or early the week afterwards. It should last into mid-February and should scare the crap out of the bulls. With all the past months of grind upward to squeeze the last bear out this coming correction should make all those bulls puke. It's getting really close now to bull slaughtering time. Another week I think, but a blow off top needs to be put in first. Today or next Tuesday seems like the most likely days to do it. Have a wonderful holiday weekend and remember that Jesus loves even us stock market junkies. 🙂

P.S.  For you that remember Reinhardt's blog there's a Legatus meeting next week as well.  I smell a big drop coming soon.

2020 Legatus Summit East

Author: Red

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