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Monday, June 18, 2012

Elliott Wave Update ~ 19 June 2012

The new house is keeping me busier than I thought. Needs some work and never enough time it seems. A month or so, things should settle down for me.

As far as the wave count, again nothing has changed for the outlook. The SPX has already retraced over 50% which is solidly in wave 2 territory.

Via Sentiment Trader, there is now more bullish sentiment than bearish for the first time since approximately May 1st.  That means Minor 2 is working on shaking out the excess bearishness that existed.

So everything is "on schedule" for Minor 2 and it can indeed go higher if need be. And if the market keeps creeping higher, then Minor 2 should stop it in the major resistance zone of approximately 1354-1365.

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