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Thursday, September 24, 2015

Elliott Wave Update ~ 24 September 2015

The market has dropped from a Fed peak of 2020 SPX to today's low of 1908 in a very nice 5 wave structure down.  A rebound is probably due and the wave structure supports it.  The open gap down at 1961 - 1967 SPX from a few days ago (see chart below) would be a good target.
Our weekly GLOBAL DOW chart has a very nice 5 wave pattern down from near its peak.  This is a favorite chart and gives the closest indication of total worldwide wave structure combined which is so important nowadays because the world is very much connected in a social mood sense.

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