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Wednesday, October 14, 2015

Elliott Wave Update ~ 14 October 2015

We got what appears to be the beginning of a developing [b] wave retrace.
Low price target for [b] wave ideally would fall somewhere in the black box. Note how wave [a] met the dotted underside of the lower channel line created by the initial waves [i] and [ii] of Minor 1 down.
Here is the WLSH chart again showing a potentially glorious head and shoulder pattern in the development.
Note resistance clusters at the underside of the broken up channel and horizontal resistance. Would be a textbook location for Minor wave 2 to end. Of course things hardly ever go textbook.

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