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Thursday, August 6, 2009

Elliott Wave Update ~ 6 August (UPDATED)

UPDATE, 5PM EST: Added a daily chart to show overall wave count and my general idea of what a B wave might look like.

I am not sure exactly how to label things (I gave it a shot), but I have a feeling tomorrow will be one last attempt at gaining 1000 (forming a small wave pattern flat) and then a drop off through the big gap up and finding support near 979 - 982. Anyways, that's a best guess. If there is an immediate bear move down tomorrow, then I would label the chart maybe a series of 1's and 2's down and that suggests a more bearish downdraft.

Also today probably topped finally on an ending diagonal. All the late bulls to the party and such...notice how they desperately wanted to close it above 1000? If they could have they would have I think. The whole last days feels like some distribution going on. Strong hands handing off to weak hands.

But the overall wave count has a Minor B wave in here somewhere and it should take a week or more to trace out. My best guess is a big consolidation set of waves between 950 major support. If 950-956 support breaks should reside just below in the 930's.

But I am getting WAY ahead of things, we really need to see whats going on first. I am just thinking out loud here is all.

But overall, I think we are getting evidence that the Minor (in blue) B wave opening act is playing out.

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