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Thursday, October 1, 2020

Elliott Wave Update ~ 1 October 2020

Primary count is the market is tracing Minute [ii]. There are a lot of potential variations of how this would take shape. Below shows just a couple of potential variations. There is also a gap down variation but you get the idea.

Yet, stripping away all the labels and we are left with a bearish pattern of lower lows and lower highs in an expanding downward-looking megaphone that really has yet to be broken. The pattern below is not a bullish pattern, it is generally a bearish one. Something still must occur to break the bearish pattern in order to become a bullish pattern.

That seems simplistic but sometimes you have to just look at structures how they exist right now, not how they may exist. The way this pattern exists right now, is that prices will get slammed downward hard to even lower lows. Now of course that may very well not happen at all - and we are fine with that - however, buyer beware of what exists...

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