Elliott was a clever man who however did not create the universe. EW principles apply, but exotic happenings can entirely delay them in the time axis, or make them come undone.
As to market cap, it went up by about 1500% last year. Let that sink in.
For example, I doubt that the market would survive a nuclear war or an asteroid hit, though @haejin might observe that in the end, human psychology remains the same - oscillating between greed and angst.
While what we're witnessing now is just lots of additional waves being generated along with fear and loathing for a month, and then all simply resumes - as @haejin likes to say, the overall count will remainss the same.
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