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At the moment – or I guess strictly speaking ‘around this time’ – so many markets are showing a consensus Elliott pattern. Let’s look at a few examples:
Our local market:
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The DOW:
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The sister index – the S&P – a broader 500 stock index:
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The UK FTSE:
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The Japan Nikkei:
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The top China 25:
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Copper High Grade:
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And so on it goes.......
So are all these indices right or could they all be in the same dark room? It is like the whole world is waiting for global markets to fall apart. Maybe the weight of that will ensure a self-fulfilling outcome.
Or maybe they are all wrong. Such consensus does concern me a little and I am not sure I would bank on it happening exactly as my charts suggest.
But I am open minded to the thought that there could be something sinister ahead over the coming months – but maybe not just as we expect it.
Enjoy the ride
Tom Scollon
Chief Analyst
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