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Tuesday, June 28, 2011

Elliott Wave Update ~ 28 June 2011 [Update 6:53PM]

[Update 6:53PM: I don't ever recall having a count on Silver, but here is my chart I've had on my public page for a while. The key to this count is the Blue 4 pivot low, prices need to stay above that.
[Update 6:36PM: NYAD shows 6 touch points on the up channel.
ORIGINAL POST
The Wilshire 5000 closed above its previous pivot which is a bullish development. Market internals were stronger than yesterday's which suggests the market is strengthening for a possible breakout above 1300 SPX again this week.

Again we show the bull/bear primary counts:
If the SPX is tracing a bullish Minor 4 triangle, its [d] wave target is 1326-1328 SPX. Time cycles are a guess.
Top bear count still has a chance. However, the market needs to reverse down yet again in a hard move.  A price move above 1311.8 SPX would eliminate the count.
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