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U.S. stock market has conflicting patterns, according to Elliott Wave theory

There are now a number of possibilities in the U.S. stock market that I am tracking. The general theme remains that I think we see much lower levels before the S&P 500 Index runs to 4,000 points in 2022-2023.

In his seminal book on Elliott Wave theory, Robert Prechter notes that there will be times when the market structure will not be clear:

“Of course, there are often times when, despite a rigorous analysis, there is no clearly preferred interpretation. At such times, you must wait until the count resolves itself. When after a while the apparent jumble gels into a clearer picture, the probability that a turning point is at hand can suddenly and excitingly rise to nearly 100%.

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