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Wednesday, October 26, 2016

Elliott Wave Update 26 October 2016

I am just throwing out a pattern here. The market has neither been impulsing up nor down. Therefore we can assume perhaps Minor 4 is not quite yet over. But sooner or later it will be confirmed to be over one way or the other.

I generally do not like descending triangle patterns with a downward tilt because that can often suggest failing price action on a major support level.  Price action would be "hammering"support until it eventually fails. But we'll stick with the minor 4 count for now because that is the best count and we require one more market high to complete the wave count on many wave degree levels.

Will a final move coincide with post election results in some way? Timing and pattern suggest yes. Post election rally, then the all-time high sets in, then depressionary collapse. Gee we have a lot to look forward to huh?
As suggested, may wave degrees:


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