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Thursday, November 10, 2011

Elliott Wave Update ~ 10 November 2011

Nothing much to add today. Primary count still supposes that the market will eventually - after a wave [x] or [b] - take a shot at making a new high above 1292 in finishing out Minor 2.  

Projected wave pattern for wave [x] or [b] is a zigzag or triangle. A zigzag implies a break below 1215 SPX to where (c) = (a) at about 1200 SPX.  A triangle implies that not only 1215 SPX will hold but likely 1226 may be the (c) wave low and the market will work itself up toward a (d) wave high somewhere between 1265-1272 SPX.

If 1292 was the Minor 2 high, the market should soon "get on with it" and make some advances lower to try and break major support at 1215 SPX and then 1190.
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