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Monday, August 24, 2015

Elliott Wave Update ~ 24 August 2015

Well, that got out of hand quickly huh? The first print on Stockcharts was a down volume ratio pressure of 289:1 right after the open.   I think its a record. The day of the flash crash May 2010, there was less than half of that (from what I recall). The DJIA and Nasdaq came close to tripping circuits breakers at the open, but the computers kicked in. Perhaps they are programmed to buy at negative 1000 point drop.
I'm better off showing weekly charts today rather than daily, the move was extreme today.

It seems our ending diagonal triangle count was correct as market prices did in fact collapse rather quickly after its termination to beneath the start point.
Hows that for a line touch?

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