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Monday, December 19, 2011

Elliott Wave Update ~ 19 December 2011 [Update 8:12PM]

[Update 8:12PM:  A small positive divergence on the Breadth Thrust indicator.  Doesn't always pan out, but it is something that often precedes a rally as you can see where I have marked various divergences over the past year or so.
[Update 7:30PM: DJIA count from the perspective that a (c) wave is coming soon.
Another faded open this time much more quickly.

Will the market bounce at the potential apex line?
I tweaked the channel line a bit from this morning.  Rejected again at the line and its losing support.  If prices travel again to the lower channel line, its another 20 point drop.
Not a perfect impulse down, but its not too bad either.   Channeling nicely. 

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