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Friday, September 9, 2011

Elliott Wave Update ~ 9 September 2011

The continuation-type head and shoulders pattern is now completely formed.  Prices refused to go below the neckline today and the squiggle count supports a wave ii of (iii) of [v] of Minor 1 down bounce.

The greater downside pressure of (iii) of [v] versus (i) of [v] also makes sense. You can see that on the indicators.
Bigger picture showing approximate downside target should the neckline be broken by a iii of (iii) of [v] down. A "third of a third" even within a Minute wave [v] should see some good selling pressure but as long as it remains less than what occurred in Minute wave [iii], it supports the count of a fifth wave down.
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