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Friday, September 2, 2011

Elliott Wave Update ~ 2 September 2011

Primary count is Minute [v] of 1 down. We clearly have 5 waves down at least from the recent highs.
Down pressure is less severe so far than what occurred in [iii] down. That is consistent with a fifth wave down but new lows are required under [iii]. Also fear is less (see VIX indicator) than the panic [iii] so that is also consistent.

However sentiment should go maximum bearish on wave [v] and that is certainly happening with a lot of surveys and what not.

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