January was a mediocre month for our LT wave.
Expected strength in the first week did not show up and the projected “slightly stronger” 3rd week did not see any rally either. It was all the way down, so naturally the expected weaker periods “worked”.
But it was a remarkable month, one of the worst January declines in many years, and how it is expected to continue is shown in the LT wave chart for February:
The LT wave is expected to turn positive for the first two weeks. We should get a rebound rally during this period, but we can’t foretell how powerful it will be. After the 19th the LT wave goes through a weaker period, with strength projected to come back on the final day.
Normal caveats apply: don’t bet the farm on LT waves.