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Wednesday, January 20, 2016

Elliott Wave Update 20 January 2016

What a rollercoaster huh? I'll start with the Wilshire trendlines and channel lines.

Big bounce off the red channel line. That must mean it is important. After all, that is the trendline that has captured the entire rally since 2009.
The H&S pattern:
Best guess wave count is that we are somewhere in the lower end of [i] of 3 down.
GDOW has reached prices touched in late 2009 and early 2010. Note the pink support though.
INDU has broken beneath the channel in log scale.
And non-log:

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