Stocks & Bitcoin On The Move!
By Bennett Tindle November 5th, 2020
Greetings traders & investors! It has certainly been an exciting week, with still no ‘official’ victor on the US Presidential Elections. It really comes as no surprise given the vast amount of mail-in ballots this year (Thank you COVID-19… not!). And although we don’t have an ‘official’ winner declared, the final outcome looks pretty clear.
Initially, market analysts were forecasting a wave of selling in the event of a Biden victory, due to his planned capital-gains tax hike, but now that we are facing a split congress it should no longer be an issue. Add to that likely stimulus and a still accommodative fed, and you have the makings for a move higher in stocks!
In regards to the wave structure, although we have been juggling a few wave counts over the last month, we have been looking at a pattern development that we had forecast to carry the markets to new highs either into or directly following the elections… That outlook appears to be in-play, with some individual sectors and industry groups having already surpassed their September prints! Be sure to tune in as we explore an in-depth review of the markets, and discuss where we might be headed from here.