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Monday, April 4, 2011

Elliott Wave Update ~ 4 April 2011

Primary count is some kind of Minute [iv] is playing out.   How deep the correction and what form it takes depends on what the true subwave Minute [iii] count is.  Each index can be counted a couple of ways.

We have 2 huge gaps on the SPX. If subwave (iii) of [iii] is at where I have marked (i) at 1319.74, then Minute [iv]'s price should overlap down to at least SPX 1319 and fully cover both gaps before heading higher in Minute [v] of Minor 5.

The other possibility is that Minute [iv]'s price stays above 1325 SPX in a longer sideways move such as in a triangle.
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