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Friday, December 10, 2010

Elliott Wave Update ~ 10 December

I switched to my alternate count that Minute [v] of Minor 5 is playing out to peak. This is well-grounded in the fact that sentiment is quite bullish and hitting many extremes and the wave structure supports the count. Additionally the NYAD is lagging which seems to confirm this is a wave 5 event.

The inverted H&S pattern target is about 1248. 8 points shy. Within wave (C), Minor 5 would equal .618 of 1 at 1246.
10 minute chart breaking down the Minor 5
1 minute squiggles. 50% marker place in the blue box virgin area also points toward 1246.
Triangle breakout points toward 1246 area
NYAD is still lagging and has not made a new high. In the past on P[2] this usually led prices (by far).  Now its not so much. I see 5 waves it truncated? Or will we get the ramrod bull move all day Monday?

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