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Thursday, October 20, 2011

Elliott Wave Update ~ 20 October 2011

Price action again today supports the notion of a [b] wave correction such as a triangle.  The thing to remember about triangles is that we tend to want to rush the labeling too early.  Hence the "or (c)" I have between 1190 and 1197 sometime tomorrow or so.  So patience is needed. 

One wave should be a complex pattern, if not (c) then (d).   

Lots of possibilities with a [b] wave, almost too numerous to predict. However the main theme of wave 2 is that eventually [c] will break above 1233 and take us to a Minor 2 peak.  We can only guess at the level for now.  200 DMA is still a good target.

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