The bottom line for any technically related market analyst to understand is that breadth of market (or even that of a single issue or sector) leads price, or to put it another way, the value (supply) of any product is solely dependent on the demand of what's being sold that determines its cost. So when it comes to something like Elliott Wave labeling, for example, third waves are ALWAYS accompanied (and led) by the very best in both breadth and volume. Therefore, if price is making higher highs, but its underlying breadth/volume components are not, then the price structure can not be labeled as a third wave. Period. A broader sub component of this idea is that the pricing of growth issues (those that are considered undeserving when it comes to investment capital since their perceived valuation are exclusively dependent on the cost of the debt load that they carry for their research and/or development) will lead higher (or lower) compared to those that are considered issues of value (companies that already have a solid domestic or multinational business model of which may also include providing dividends while you wait for future longer term valuations to be realized). Right now, we have mixed market conditions in which both bulls and bears can make a case as being important in determining the future direction of stock market prices (which is very different than that of the decade of the 2010's).
All that said, the following link will take you to my Elliott Wave primer of the usual psychological, technical and fundamental characteristics of each wave structure which can help providing guidance in labeling, and from which, all you then have to do is to determine the degree of trend and its longer term importance and/or implications: https://tinyurl.com/2y3de6ud
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