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Monday, December 28, 2009

Elliott Wave Update ~ 28 December

The channeling is starting to really take form on both the NASDAQ and Wilshire. Today's peak is likely either (iii) of [iii] or Minute [iii] itself.  Finally a gap up closed which is a crack in the armor of this rally.

The SPX hit another line today.  1116 is a very important level. The thing that grabs my eye is the RSI may have peaked on this 60 minute chart. And as you can see, that may signal the top of Minute [iii].  Any further upside gains may start to show that telltale negative divergence.

Again the Wilshire chart shows whats happening overall with the entire market.  And its starting to tip its hand.

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