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Thursday, August 11, 2011

Elliott Wave Update ~ 11 August 2011

Primary count is Minute [iv] of Minor 1 is tracing out.  It could take the form of a zizag, flat, triangle of some other complex combination.  No matter what the form, at some point a wave four has a max price retrace point. This often occurs on the (a) wave of a wave four (for instance a contracting triangle the (a) wave is the peak price of the correction in the case of a bear wave).

So no matter the form we are looking for a max price peak.

The "control" of the wave count is iv of (iii) of [iii]. A move above this - 1215 SPX - can indicate something else than a wave [iv] may be occurring.

Slight variation in that [iv] will be "over" soon in a simple (a)-(b)-(c) fast-moving zigzag.
The overall premise of the primary wave count is that 1100 SPX will be breached to the downside prior to a move above the wave [i] low of 1258 SPX.

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