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Monday, July 23, 2012

Elliott Wave Update ~ 23 July 2012

Prices hit trendline support after the negative open and managed to rally somewhat.
The bulls can claim a bullish ascending triangle is forming at least on the Wilshire 5000. I won't argue against it. Until 1325 SPX is taken out to the downside, the ascending triangle is a legitimate pattern. Its the top alternate count.
SPX 30 minute chart. So far the count is a double zigzag. The ascending triangle doesn't work as well on the SPX as it does the Wilshire 5000 because the 1380 pivot is much higher than the 1374 price point.  In a proper ascending triangle these 2 prices are supposed to be about equal. So buyer beware.

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