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Tuesday, April 24, 2012

Elliott Wave Update ~ 24 April 2012

Possible Minute [iv].  But its at the point where it needs to make good on prices to the upside rather than the whipsaw action as of late. Support won't last forever.

Wilshire 60 minute chart channel revised to give the bulls the benefit of the doubt:

SPX daily. If 1356 support breaks, the next support is likely 1292-1300 area.  This move is likely to be swift and sudden (downside surprise) if it occurs and would fulfill a wave (iii) count to the downside.  Internally, there is still a very good chance this downside head and shoulder target will materialize.

The 1388-1391 breakdown zone needs to be re-captured by the bulls to avoid a head and shoulders follow-through to the downside.

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