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Thursday, March 1, 2012

Elliott Wave Update ~ 1 March 2012 [Update 5:30PM]

Update 7:30PM: DOW Theory charts:
Update 5:30PM: The NASDAQ100 counts:
Long term it is proposed that we have a cycle-sized upward flat.
Here is a closer look of last year +:
This is a current favorite count of the thrust out of the triangle:

Again today was a day that reinforced the notion of an ending diagonal. We have these small buying and selling spurts. The selling spurts are starting to consist of impulsive-looking 5 wave moves to the downside. The continuing push to the upside with no appreciable losses for over 2 months now has reached an acute stage.

An ending diagonal pattern implies a swift price collapse that is likely to wipe out all the gains made over the last 2 weeks and then some in a very short amount of time.

The pattern appears to require one more push to the upper wedgeline and possible overthrow.
Apple's price target is $555 if this is a small triangle.
The longer term counts of course:
Viewing back even further in time:

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