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Tuesday, October 20, 2015

Tuesday October 20, 2015

This is exciting!  While bumping up against resistance, the Ichimoku is giving a strong buy signal.  But some EW guys are saying this is a wave 2 correction in a downward trend capable of retracing into wave 1 to around 2060 or higher. 
It could go either way but I feel these forks are going to give the signal depending on which one breaks first.  The red fork is being stretched and the green fork is looking pretty solid.  If we break 2030 the market will be above resistance. 
The green fork is the one to watch.  Keep in mind that it's new and may widen by a small amount.

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