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Monday, November 7, 2011

Elliott Wave Update ~ 7 November 2011

Primary count is that the market is tracing out some kind of wave [b] - or [x] if you prefer - of Minor 2.

Last week I proposed some possible pathing options for wave [b]  For now, it may be following the wave [b] flat example. But this is a tricky market and the waves are in a period of complication after an extended and aggressive period of simplicity for [a]. 

Added some red trendlines as possible touch targets that may be the simplest thing going for now.
Daily shows the SPX between the 50 and 200 DMA. 50 DMA climbing now at 1197 SPX.  

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