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Many fans fail to remember that it is still the beginning of the season. They have only played seven games. There is plenty of time to turn things around before the end.
The real test will be after January. During and after January is when several major occurrences happen. It marks the return of Jack Wilshere and Bacary Sagna, who will both have suffered terrible injuries. The January transfer window will also determine several things:
1) Has Wenger developed the much needed transfer market ruthlessness that Arsenal so desperately needs?
2) Will Arsenal acquire any significant players that may change the course of the season?
3) Do the players that have been signed last summer worth it?
One of the big things is the third. If Arteta turns out to be a flop, it will be a very big disappointment. He hasn't lived up to the expectations set for him, high or not.
Mertesacker has had is good days and his bad days. He can at times let easy tackles or blocks through the defense while also making important tackles when needed.
If Arsenal doesn't improve by January, they will have to settle for fifth place or lower and a Europa appearance.