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Monday, March 28, 2011

Elliott Wave Update ~ 28 March

If your in the Minor 5 camp, the market may be due for a Minute [ii] pullback. There are other versions of the Minor 5 trek including a Minor 4 triangle in development.
And if your in the leading diagonal count camp, there should be a deep downturn that takes the SPX back to major support at 1200-1220. Although the wave [iv] retrace was deeper than 81% guideline (by about 3 SPX points), "look-wise" it might still be a possibility.
Both charts depend on the "virgin wave space" shown on the top chart breaking down.
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