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Wednesday, September 29, 2010

Elliott Wave Update ~ 29 September

The SPX waves over the past few days have formed an ascending triangle.  The only requirement if its not a false triangle is that a new high is coming above 1150.

Any high above 1150 would fulfill the "target".   If the market breaks upwards over 1150, 1158 is first target where [c] = [a] in the SPX from the 1010 July low.  It can be argued that the width of the triangle would put the target at 1175ish, or next major pivot resistance.
Just throwing another chart that pretty much shows the absolute weirdness the market has found itself.  NFLX, the HFT plaything.

I propose when all these parabolic stocks come back to earth, the market will go with it.  Its in a 3rd stage and doing the moonshot.  

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