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Friday, August 10, 2012

Elliott Wave Update ~ 10 August 2012

We'll just update the charts shown yesterday.

Best squiggle count. Upside is limited in this count version:
Even EWI had the triple zigzag count down as the best count as of now which I showed a few days ago.
NYAD longer term
VIX gap
Sentiment is ripe for a decline. Via Sentiment Trader:

AAII Bull ratio took a huge leap up this week. They are back on board with the bull rally.
NAAIM Survey of Manager Sentiment. Lots of consensus for more upside and quite convicted about it too.
Commitment of Traders chart. Conclusion?: Certainly not oversold. Rather at a sentiment extreme.

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