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Tuesday, November 24, 2020

Elliott Wave Update ~ 24 November 2020

 So we got the obligatory "DOW 30K" milestone out of the way.

As was suggested last night, the primary count has been tweaked and Minute [iv] traced a stealth ascending triangle. I had anticipated one small move lower to "(e)" but it turns out that can already be labeled as is. This means the "thrust" up is the final move of the market. However, since wave [iii] is not the shortest (and it shouldn't be), wave [v] of 5 is free to range as high as it requires.

15 minute squiggle count of proposed wave 5:
Weekly has burst out the top of the channel. A fitting way to end things!
A closer look at the weekly. I would expect the RSI to go above 70 (overbought).
GDOW new all-time high.
VIX. Again, I guess the computers will keep driving market prices higher until the VIX gap closes. If it does close, then perhaps the computers will unleash violently to the market downside. We are in unchartered territory.
Tesla continuing to climb and flesh out its wave count.  This is a textbook Elliott wave structure. 

I'll have more later. A lot of good data doesn't come in until later in the night, like breadth data, CPC, yield charts, etc.

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