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Tuesday, December 27, 2011

Elliott Wave Update ~ 27 December 2011

Update 5:12PM: Dow Utilities. Big wedge ending diagonal?
ORIGINAL POST
The Fiboannci wave price relationships displayed on the DJIA at the moment tells the story of Minor 2.

Note the tight Fibonacci target range band just overhead. Also note that January 9th is the 34 month Fibonacci anniversary of the March 2009 low.  Time relationships of this length have room for + or - a week or more.
Squiggle count shows we are trying to confirm the top of wave iii of (c):
SPX count. (c) has topped (a).
SPX 60 minute shows prices have met the minimum target of 1269 as explained in last Tuesday's update.
Conclusion:
All is going according to the EW primary count. The SPX has met the minimum Minor 2 target range of 1269 - 1310 SPX. It appears we are missing waves iv and v of (c) , so the completion of each should signal the top of Minor 2. An ideal range would be 1293-1310.
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