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Thursday, April 2, 2009

Elliott Wave Update ~ 2 April

Primary count: The SPX topped on a [b] wave of Minor wave 2. Target area for wave [c] would be about 757. This would close the 768-772 gap area. There is negative divergence showing in the 60 minute chart I posted. Today's wave hit my upper Fib expansion of 843. So any more upside tomorrow would indicate that a wave 3 is occurring. Tomorrow will likely reveal to the markets on what is actually occurring. If the 1938 chart is going to play out then this is the spot where wave [c] back to close the 768-772 gap is going to have to occur. Anymore more upside moves will invalidate this as a [b] wave of Minor 2.

Alternate Count: This is wave 3 of A. And more upside surprises are in store. Overall the channels from 666 are steep and serious resistance at 839-850 is being challenged for the first time.

It was a 10-1 up day and volume was really good. So....look for trendline support, etc. A break of 812 would indicate Minor 2 is on the way down. A move up above 845 is likely indicating wave 3.


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