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Friday, September 4, 2009

Elliott Wave Update ~ 4 September

Well, the big backtest of resistance occurred today at 1016. It finished the end of day a bit raggedy. After hours sold off a few points which is no big deal perhaps but interesting nonetheless.

No need to rehash the counts. Tuesday is showdown day for the markets. Will big money keep the rally going or sell it into oblivion?

There really shouldn't be any "in between". I have a feeling something decisive is going to happen either way. I'm betting big down. Today's up volume ratio was pretty decent but well below a 10-1 day. Highest it got was a 7.35. The daily tick ended at a very high 1037.

But there are some troublesome charts that do not add up. 1) Dollar chart 2) UNG has gotten crushed already - due for big bounce? 3) The VIX weekly is just a massive shooting star. (Yet its not a dead chart)

So all in all, next week is showdown week for the P2/P3 argument.
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