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Thursday, October 15, 2009

Elliott Wave Update ~ 15 October



SPY closed its gap down from Oct 2008 at 109.69 just at the end of trading. SPX cash index gap lies from 1097.56 - 1099.23

I see no need just yet to change my count of an extended 5th wave. The maximum it can go is around 1108. Higher than that and it would be highly questionable.

Perhaps a blowoff top tomorrow then retreat and we evaluate things over the weekend. Squiggle count supports a gap up tomorrow if we have one it would be an intraday wave [3] of v of (v) of [v] of 5 of (C) of P2.

So basically my count is good til about 1108. Anything higher is highly questionable.

But overall the $, gold, oil, SPX, VIX are all advancing their patterns to their targets as I spoke about the other night.
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