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Friday, October 7, 2011

Elliott Wave Update ~ 7 October 2011

The primary count is wave (ii) of [a] of Minor 2 up has begun.

Minor 2 is projected to be either a 2 or 3 month rise.  Recall in the Oct -2007 to March 2008 (1) decline was 5 months and it rallied for almost exactly 2 months to a price peak in May of 2008.

So if its 2 months we are talking the beginning of December for a Minor 2 peak. If its a full 3 months then we are talking the beginning of January 2012. These time periods are perfectly normal and I am basing my wave counts somewhat on them not just price levels. I lean toward the shorter time frame of 2 calendar months.
Best projection for squiggles. Back to 1134 test seems very doable. The loss of 1120 would damage the rally and may force a retest much lower.  So the target window best guess is 1123 - 1134 SPX for wave (ii).
Wilshire shown for form:
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