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Thursday, October 15, 2015

Thursday, October 15, 2015

This is how I estimate the peak of a 5 wave pattern.  I double the height of wave one with rectangles.
In my last post I estimated a bounce to about 2025.  Looks like we are close to that now.  I think we would have to break the 2060 area before we could begin to say we are out of the down trend but as you can see we are pushing the edge of this red fork.
What do you think is this the end of wave 4?
Take a look at the Ichimoku's Kumo and the way support falls in with the moving averages and the Andrews Pitchforks.  This should give us a signal to go short again. If it breaks below the Kijun San then it's a pretty sure signal.

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