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Tuesday, December 8, 2009

Elliott Wave Update ~ 8 December

Even the e-minis looks "three-ish".

Still awaiting what the market's intentions are. Still no solid 5 waves structures down or up for that matter. So sideways it is. Maybe the pundits are right. There are just no sellers to break support and not enough buyers to take out and hold resistance.

Of course the market could be forming a series of 1's and 2's waves down.

But another wave count has now come into the picture: The sideways double three or combination corrective for Minor B. In Elliott wave terms, a sideways correction occurs because the market needs to buy some time. I don't know if thats whats happening here, but its a possibility until it proves otherwise.

So until this range-bound market is broken, we wait some more.
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