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(10/22/16)
A few you have asked me if the Dow is still exhibiting a
Broadening Top/Megaphone pattern with an example shown below. Notice once the 5th
Wave completes then a sell off follows with a retest of the lower trend line
(point A).
As you can see a longer term chart of the Dow shows a similar
type pattern evolving during the past 20 years. If it's a Broadening
Top pattern then the 5th Wave is nearing completion. Furthermore if this pattern were
to pan out then a drop back to the lower trend line would occur in the longer
term with an eventual target near the 5000 level.
The S&P 500 exhibited a similar pattern
back in the 1960's and 1970's so it has happened before on a longer term scale.
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