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Friday, April 9, 2010

Elliott Wave Update ~ 9 April

Give this bear a little credit.

The market appears to be in the middle of Minute [iii] of C of (Z) of, yes, P2.  This implies Monday will be bullish from the open.

If this is Minute [iii], then we have upside Fib expansion ratio targets for the peak of [iii] as such:
1.382 = 1204
1.5 = 1206.8
1.618 = 1209.29.
You can see on the daily that those upside Fib targets would bring it close to the upper black trend line which is where it seems to want to go.
Here is a potential squiggle count:
Alcoa will no doubt surprise to the upside.  All the bearish stories and downgrades conveniently put out the last few days by the front-running scamming banks seems just too convenient.  I'd be sorely disappointed if this was not the case.
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