[Update] Elliott Wave Look At DOW and NASDAQ 1.08.16 10:10AM ET

DOW – DOW fell way short of forming the 382 W4 necessary to at LEAST stop the downward 3, but the fade has been dramatic from the futures highs and is about to turn deep negative again…worst case scenario is a retest of the A wave low set at 15,400 in August..if it’s a big nasty deep red fade today we may see that.

NASDAQ – NASDAQ had the best opportunity to get the 382 W4, and it like the DOW failed to form it.  This means we may see a much bigger drop and fade in a downward 3 which may target 4300-4500 range in a 1.618 move.

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