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Friday, August 21, 2015

Elliott Wave Update ~ 21 August 2015

Market is short term oversold as TRIN ended the day at a high 2.92. But as Elliott Wave International likes to say, an oversold market can be prone to an outright crash. (Think 2010 "flash crash" so buyer beware.)

My guess is that we are in a wave three down of perhaps Minor size. Therefore the medium term decline would not yet be over until all the subwaves play out.

Lots of trendlines and support solidly broken.

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