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Monday, November 28, 2011

Elliott Wave Update ~ 28 November 2011

The day ended with the NYSE up volume ratio at 97%.  NASDAQ up volume ratio was 91%.  Yet advancers versus decliners was only 83% and 82% respectively.  And total volume of the market was nothing to write home about.

So despite the retarded upside opening, this bounce fits in perfectly with a subwave ii scenario. The ideal price target would be 1212-1223ish.

Then the market would again rollover and head lower under 1150SPX  and possible setup for a point of recognition in a "third of a third" (specifically  [3] of iii of (iii) of Minute [i] of Minor 3 down.

Overall count on the daily:
 The weekly shows the overall battle between support and resistance. 
Wilshire count:
SPY Count. Note the opening volume ratio, etc. It calmed down a bit by end of the day.
SPX Hourly:
SPX squiggles:

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