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Wednesday, June 23, 2010

Elliott Wave Update ~ 23 June

Price action is uninspiring.  The Minute [b] count is on very shaky ground.  Usually a B wave is considered a consolidation-type wave but this has been more of a quick impulsive selloff....almost...because however, using an hourly or a 10 minute chart, it still looks like a "three" down as of today on the cash index at least.  A quick lower low tomorrow under today's price low would make the whole formation count nicer as a 5 wave structure down.

If Minor 2 high is 1131, then Minute [i] down of Minor 3, in theory, should try and take out the Minor 1 price low before bottoming.  So hence the ALT count wave degrees is set based upon this principle.
Again, it may count  best as a "three" for now, however a new low under today's price low will make this a verified 5 wave impulse down.
The daily chart shows the RSI is ready to fall out of a possible upward channel. However, overall, volume is light and it closed above the 20DMA for today.
So the market is on the cusp here.
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