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Friday, September 17, 2010

Elliott Wave Update ~ 17 September

More pieces to the puzzle.  The SPX is advancing but its advancing in jerky zigzag moves in a narrow range. Could be an ending diagonal triangle in the works. Makes sense if the rally is exhausting.

The market internals are growing weaker and weaker on every up stab.  Yet traders are still bullish as the CPC(E) are still more bullish than not.  The VIX is starting to diverge which typically happens at tops. Will it take another stab gap up Monday? We'll give it the benefit of the doubt although we could have a completed pattern today.
I'll have more charts later.
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