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Tuesday, November 17, 2020

Elliott Wave Update ~ 17 November 2020

Yesterday's rally triggered yet another NYSE breadth "event". This is highly unusual market behavior. Positive event (nearly an official "Zweig" event), followed by a negative event followed by another strong positive event. This is not healthy. Its the computers running amok.

Count has many short term possibilities. But a pull back wave [ii] flat is the top guess. VIX still refuses to go sub-22 for the moment, let alone sub-20.   This is not a calm market nor did I expect it to be way back in March, April, May and June. Instead of "fear gauge" I liken the VIX to a "state of agitation" in the general populace. 
GDOW has had a remarkable surge also almost to record highs.
Nikkei also on a 30 year high.
Tesla popped as was suggested last night. It needs new all-time highs to complete the wave count.

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