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Thursday, February 2, 2012

Elliott Wave Update ~ 2 February 2012 [Update 5PM]

Update 5PM: Best guess squiggle count for the SPX.  Its range is ideally 1342-1351.
The squiggle count shows that one more wave would "look right" to finish Minor 2. The SPX target range is still 1334 - 1351 SPX for Minor 2 peak.

The Wilshire5000 "ideal" target range would be 14,186 - 14,217.  The lower number is based on [5] = [1] within wave v of (c) and the higher number is based on where v = .618 x i within (c).
 If the Wilshire approached 14,200 range, it runs the market up to the long-term down trend line shown on the weekly. This trendline would act as resistance in conjunction with horizontal resistance.
The Wilshire even at 14,200 would still be 362 points from its 2011 high. The Wilshire5000 is the final arbiter I use on the overall wave structure.
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