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Thursday, July 26, 2012

Elliott Wave Update ~ 26 July 2012

Its my birthday so this post is short for now.....probably be back later though. Having some Capt' Morgon and accepting birthday donations! yeah! hehe!

Up volume ratio ended the day at 81% - not bad. Up issues ratio ended at 74%. These internals are consistent with a short covering rally shaking out weak hands, not the "kickoff" to a major wave up.

SPY gap up is ridiculous and wide open. A close under this gap is bearish. It will happen. But when?

Count is Wave (ii) of [i] of Minor 3 down but hey we'll let the market work out what it wants to do.

SPY gap down was covered.

Sunday's gap down was perfectly covered also.

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