Elliott Wave Investors: Elliott Wave Zig-Zag Signals Upside Move!

November is historically a strong month for the stock market. 2024 has been no exception, with stocks looking to close the month near record highs going into Thanksgiving. But it’s also been a volatile month. Stocks pumped higher immediately following the election, only to give back half of those gains the next week.

What should investors look for amid these relatively big swings? A look at the overall move suggests that stocks are looking to continue to trend higher.

Some short-term fears, from Russia to inflation to Nvidia’s earnings, have given investors pause. But so far, the data indicates that markets will likely continue higher.

That’s also apparent from the technical analysis. The Elliott Wave pattern suggests that the market’s big push higher and the healthy pullback along the way are bullish. And given the big swings in November, December could end up being a much smoother and calmer month.

From a technical standpoint, the market’s move is a classic rally and pullback. And it looks similar to the third part of a five-part Elliott Wave. That means there’s still more upside ahead into the end of 2024.

However, investors will likely want to get a bit more cautious going into 2025. Uncertainties over taxes and regulations could also cause markets to take a more meaningful pause come January.

To view how the market looks from an Elliott Wave perspective, click here.