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Friday, January 7, 2011

Elliott Wave Update ~ 7 January

Primary count is that today's price low ended Minute [iv] of Minor 5 of Intermediate (C) in the form of an (a)(b)(c) flat or it is working on the (d) leg of a descending triangle (on the Wilshire). Its a moot point really because again, the counts imply the same things basically.

For the SPX it can only be a wave [iv] flat as (a) wave's price low did not hold.

Support held today. We await to confirm if Minute [v] has kicked off which it may have at today's low.
Wilshire hourly again showing the overall Intermediate wave (C). It really is a nice wave structure.  Wave 3 extended a nice, near-Fib, 1.68 so there is no reason to expect Minor wave 5 to extend beyond a 1=1 ratio between itself and wave 1.
SPX 10 minute
Not sure on the dollar. Several options. Both spike lows don't show on a daytrading Stockcharts chart.  So where is the orthodox low?  That matters of course. For now, I'll go with whats printed on the chart. And its supposed to be one degree lower but I am too lazy to change labels at the moment.
NYAD moved down a bit more today as I hoped it would to form a more viable Minute [iv].

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