Elliott Wave Stock Market Update - November 21

The bulls showed up once again to invalidate my bearish labels and we got a substantially higher high today. So the seemingly correct count was the bullish 1-2 micro count and we obviously got the W3 this morning, which implies at least one more high early next week. I just hope these waves won't overlap again as they have been doing in the last 2 weeks as it makes them hard to predict. Perhaps this new ATH will be the Head of an H&S formation? I am in pain now over my uncovered hedge but at least my long shares are doing very good, so I'll just continue to wait this out until I can exit the short position. Isn't it amazing the market has now rallied 14% just because it was overbought? Next time the market gets very oversold, remember this particular rally. Oscillators were clear to me few weeks ago that a strong bounce was coming, but this rally has gone way above my most bullish expectations.

Have a great weekend!

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Short Term Trend = Bullish
Medium Term Trend = Bullish

Long Term Trend = Bullish

* Trends are not trade signals. Trends are posted for situational awareness only and does not take into account wave counts, technical or fundamental conditions of the market. While mechanically trading the posted trends is feasible, keep in mind that these are lagging indicators and as such are prone to whipsaws and I personally do not use nor recommend them to initiate or close positions in the market without taking into consideration other factors.