Short-term Market peak likely by end of week; Breadth waning as wave pattern nears completion

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Key Takeaways

  • SPX closing in on all-time highs, though breadth was negative and wave structure nearing temporary conclusion from early October; Expecting short-term peak by Friday
  • Technology growing stretched, and DeMark exhaustion shows possible confluence within 2-3 trading days
  • Bitcoin decline looks buyable; Should push back to minor new highs into end of November

The rally continues to press higher in the short run, and SPX finished within a point of All-time highs; Yet, breadth has begun to wane on this push up, and we’ve seen some minor evidence of Defensive groups showing some strength this week. Elliott-wave projections from early October suggest a move back above 4718.50 from 11/5 should mark a possible short-term peak in the 45 day rally. This in turn likely results in some consolidation which could retrace 38-50% of the move from October before markets can push higher into December. Near-term, however, this is premature for now, and a push above 4718 looks likely with most likely targets near 4750-75.

The video in this report is only accessible to members

DeMark exhaustion is starting to near completion on daily charts, which could be in place by Thursday/Friday of this week

Daily RYT, the In...

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