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Friday, December 17, 2010

Elliott Wave Update ~ 17 December [Update 6:22PM]

[Update 6:22PM: Weekly NYAD.  Its like a rocket shot. But its amazing how it fits a wave pattern.]
The chart below covers just about all my counts with my top alternates.  Lets review them in preferred order:

Primary count:
1. Wilshire working on Minute [v] of Minor 5.   PRO: My NYAD count may be fulfilled if we have a nice up day Monday or Tuesday.

1. Minor 5 top is in from a few days back. We just saw wave (ii) or ii up. CON: There is no real impulse down to speak of. PRO: There does seem to be a 3 wave rise from yesterday's low though. Not many are calling the previous peak the top. Stealth. Sentiment screams for correction. World Ponzi could blow at any moment.

2. Wilshire working on high level consolidation in a Minute [iv] triangle (triangle projection not shown on chart) PRO: Markets will levitate sideways for many days and peak first week of January for yet another "January effect". CON: Can the market levitate sideways at  this point for that long and then chug up?

2a. Wilshire working on Minute [iv] of Minor 5 flat.  Pro: More consolidation in light volume next week. Con: Minute [ii] was a flat, so its not likely that Minute [iv] takes the same form.
NYAD needs probably a 1/2 - 1%? up day to close at a new NYAD high and finally fulfill its Minute [v] of Minor 5 of Intermediate (5) of Primary [5] of Cycle wave V count. Not sure if the market can do it but Monday/Tuesday would be best bet for the NYAD count I have presented.
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