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Squawk Morning Briefing: Two Roads Diverged…

We’re still awaiting confirmation that Wednesday’s high represents a short-term peak, but lower levels in futures increases the chance that the DJIA will come below important levels.   We will also want to see the price action form the proper wave structure to continue looking downward for a few days as outlined in our DJIA briefing.   While the lower futures help the short-term bearish case in the DJIA, the pattern (as opposed to the levels) in the YM are also not yet conclusive, so we’ll likely need to wait for today’s cash session for increased confidence.

If we do receive that confirmation then we’re still left with the question of whether the next move is a sharp move to new lows or an ongoing correction before such a move.  Stay tuned over the next few days as we look for clues as to which path U. S. equities are taking.

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Elliott Squawk delivers thorough market preparation every morning in time to take action during the trading day. By combining up-to-the-minute futures activity with traditional end-of-day analysis from cash indices, you receive analysis based on the latest conditions as the trading day sets to open. Each issue of Elliott Squawk goes beyond traditional Elliott Wave analysis because we recognize that trading Elliott Waves is much more than just looking at the most likely current count. Squawk will prepare traders to assess the market action as it unfolds by answering questions that any Elliott Wave trader should consider:
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