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Friday, August 7, 2009

Elliott Wave Update ~ 7 August


Earlier today I posted a possible count:


If its an expanding triangle, the (e) wave has started to play out. The last waves of the day support this type of count. Impulsing down a bit since the 1018 high.

NASDAQ did not make a new recent high today. That is evidence of a fractured market which portends a bearish move down to correct some excessive bullishness which, undoubtably made a new extreme today.

VIX (fear gauge) is still diverging and did not make a new low. Daily SPX RSI diverged.

Monday is pointing down. If you are a bear and threw in the towel today, well, thats the way it works. You got shook out I think. Don't feel bad. P2 is a bear killer.

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