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Tuesday, September 15, 2009

Elliott Wave Update ~ 15 September

If ever the waves may present an opportunity to see a "top", this is as good as any.

The struggling up volume resulted in many overlapping "pushes" of the market the last couple of days. Every day it was a little push on this sector then a push on that sector. But that can only go on for so long. 1060 has more resistance (as Kenny pointed out) than most people realize.

NASDAQ perfectly settled into my target of 2107 which is a near perfect .618 expansion of the two biggest waves of P2 combined. That is a powerful confluence marker. qqqq's hit $41.85.

The last move to 1056 peak makes a very nice ending diagonal. So therefore I must count it as such until it proves something different. At the least, ending diagonals collapse back usually to at least where they started which was about 1035 SPX.

The bears are as dejected and despondent and fighting each other and many now discount waves altogether. I expect that. I welcome that.

So there you go. P2 wrapped up in a pretty pink bow tie. Now lets see if the market agrees.
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