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Monday, February 28, 2011

Elliott Wave Update ~ 28 February [Update 5:05PM]

[Update 5:05PM: Breakout in IYR or just overthrow of a huge multi-month wedge?

The proposed megaphone ending diagonal triangle is still in play.   The move up from 1294 should take the form of an a-b-c structure is a best guess.
Short term count, we have 5 waves up from the 1294 low. We can label this "a". Looking for a confirmed "b" and then "c" may carry prices back toward the recent 1344 high, challenge the gap down, and perhaps a bit beyond to the .618 Fib mark, or 1350 - 1352 area.  We can only guess how much juice this market will have come the first day of the month tomorrow. 

It'll either look genius or foolish.

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