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Wednesday, December 30, 2009

Elliott Wave Update ~ 30 December

Not much to add today. Sideways mess ended another flat day.  Price action suggests consolidation in a Minute [iv] of C of (Z) of [2] for a final Minute wave [v] likely to come perhaps on the joy of a new year of stock trading and the "January effect" or whatever bull they want to call it.

So we wait for "C".

I must add that the official .618/.382 time ratio for the perfect 5 down/3 up pattern representing P[1] and P[2] will be upon us in 10 trading days which is January 14th.  

I must admit, there are a few lingering indexes which would "look" better if they had another squiggle or so....

1119-1120 is a key support level.  1116 is a must I think.   So until those are challenged or we have a clear impulse pattern either way, we wait some more.

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