Elliott Wave Stock Market Update - November 18

The market finally broke out of range today by making a somewhat substantially higher high. And assuming today's wave was some sort of micro W3, there is still more upside to come with a micro W5 ending around 2060. Trade below 2046 would invalidate this potential micro count and perhaps signal the start of the real correction. Also, looking at how far this wave has traveled, if the wave from 1821 is a W1 and ends around 2060 then we're looking at a target of 2400. Which at the point will probably be the actual top of the entire long term wave from the 666 low in 2009. Isn't it crazy just how far and how fast the market has come in just 5 years? To illustrate just how big the US market has become. Look at the graph posted below. The US is a $17 trillion economy, while China is a $10 trillion economy and Japan $4.5 trillion. Usually, stock markets hover around 100-120% of its total economy. So if 2400 is reached, I am pretty sure there will be some serious adjustments coming.

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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.