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Wednesday, January 5, 2011

Elliott Wave Update ~ 5 January

Primary count is that the market is working on wave (i) of [v] of 5. A very close alternate is that Minute [iv] is still developing and today's up move is merely wave (b) of [iv] of 5.  At this point there may not be much difference between the two counts.

After an initial down move in the morning, the market had no interest in getting close to the gap area. If the count is Minute [iv] flat or expanded flat, closing this gap, even partially, could still occur on a wave (c) down of [iv].
The Wilshire5000 and NASDAQ did not make a new high today, where as the SPX and INDU and even NDX did.
Chart of interest is AMZN.  Wedging? Weak CMF on new highs with a long-running double divergence. This is one of those stocks that are capable of making a $30-40 move to the downside in premarket.
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