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Monday, November 16, 2020

Elliott Wave Update ~ 16 November 2020

Our best count is that the stock market is in Minor wave 5 of Intermediate (5) of Primary [5].  The sub waves of the proposed Minor blue 5 is where there are too many short term options. We'll just have to see how the wave pattern develops. 


There are a lot of options at this stage. Are we tracing a wave [ii] flat pattern? Or are we just skimping on [ii] and headed straight up through [iii] of 5?
Apple and Tesla may have another new high coming. And hence, the market is likely to hold up until they complete their patterns. They both may be tracing significant wave 4's which are about over.
Dollar
Sometimes I think it simply comes down to finally filling the VIX sub-20 gap. They'll pound it all day until they get it closed. 
10 year yield working its way higher. This will ultimately doom the fate of the entire financial system. The debt load will be unsustainable. And they have no plans to stop the massive deficits.
I may be short-changing the yield count. Perhaps there is genuine upside yield surprise coming. The wave structure is "setup" for just such a scenario.



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