It does not matter what one wants to achieve, a prudent preparation is always helpful. The same principle must be adherre to by an Elliott wave trader.
January is a month when the financial markets are sending mixed signals about what could happen throughout the year.
It is like the first wave structure that Elliott wave traders use to forecast the whole motive wave. Therefore, an Elliott wave analyst ought to take time to interpret the markets up to mid February when it usually begins to quick off.
One also wants to begin to monitor sectors and central banks in view to understand what is really brewing beneath the surface.
It is also useful to review the previous year's wave structures, and isolate distortions, latencies or every bit that one may not have noted.
It is crucial to pause in January because one does not want to rush, and make a wrong move at the start of a new year. A good start is always an advantage.
During that time, an Elliott wave trader will also try to go into the minds other traders and investors in view to anticipate their reactions.
All in all, it can only be prudent and wise to let the financial markets speak first before doing anything.