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Monday, October 5, 2015

Elliott Wave Update ~ 5 October 2015

Yay, I'm back from travelling! No more crappy connections and compatibility problems.

The top wave count is that the market is in Minor wave 2 up.  Today was a very strong day internally which supports the notion that a new structure (minor 2) is now in development. I realize the other indices do not have a 5 wave structure down but the most important index (my opinion) is that the Wilshire 5000 does display 5 clear waves down.

The general thinking is that Minor wave 2 will eventually carry at least a Fibonacci 61.8% back from peak. I actually expect it to eventually reach a bit more than 61.8% retrace.  We shall see, its been a bumpy market.
Wilshire weekly has very cool trendlines. That lower black channel line did indeed contain prices.
And of course the GDOW also displays 5 waves down and the best count has it in a wave 2 rebound.
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