Elliott Wave: Stocks rebound, metals eyeing higher resistance [Video]

Gregor Horvat Wavetraders

After a very bearish start last week, Friday’s strong rebound tells me that bulls on stocks are still active, and we may see more upside early this week. Risk-on assets are holding up well, especially stocks and commodity currencies like Aussie and Kiwi, while the US dollar is coming down at the start of the week. However, many markets look like they are moving into late-stage moves, so be careful chasing markets here and stay alert for potential tops, especially into mid-February based on the seasonality chart of SPX in particular. In crypto, heavy liquidations suggest at least a temporary bottom, but any higher rebound can still be temporary rather than the start of a new bull run for ATH.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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