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Friday, December 18, 2009

Elliott Wave Update ~ 18 December

Serious intra-market divergence with the NASDAQ up 1.45% and the DOW only .20% and the SPX only .58%.  No doubt last quad witching opex came into play and more end of year positioning.

I'm using the Wilshire chart again for tonight for clarity on the overall market structure.  I have 4 options laid out on the 30 minute chart. In reality, three of  the options are basically saying the same things: new highs coming - they just differentiate how they go about it.  The other option is that the high is already in.

The 1 minute chart supports the primary count of an [e] wave of an ascending triangle.
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