No change in the view on the Dow Jones Industrial average as trade from the Oct 10th low at 7883 is seen as a correction (wave 4 in the fall from the May high at 13137) and with eventual declines below the 7883 low after (within wave 5). Currently, the market appears to be forming a contracting triangle/pennant (as a number of financial markets are). These are generally seen as “continuation” patterns that resolve sharply, and adds weight to the view of eventual new lows.
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