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Wednesday, May 11, 2011

Elliott Wave Update ~ 11 May 2011

Today's wave action adds to the previous evidence and now we can again present some wave count options. By no means are they the only ones, they are the ones however I prefer.

Count 1 is basically a Minute [iv] triangle. Wilshire5000 used for illustration.
Count 2 is some form of complex (w)-(x)-(y) combination for Minute [iv] with the orthodox end point above wave [i]'s price range. SPX shown. Essentially this is identical in general form to Count 1. This is what I suggested last night http://4.bp.blogspot.com/-PLLox_EPxnE/TcmgyUA49XI/AAAAAAAAJKc/lXW7KlWxz5U/s1600/spx60.png which is kinda how it played out at least for today in a fairly decent down day.
Count 3 is a larger Minor 4 running triangle count with wave [c] in progress which will close the big gap up as pointed out on the SPX below. This makes for a long-winded Minor 4 though.
Count 4 is of course the Super bear count in that the market has seen its high and is beginning to impulse lower.
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