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Thursday, August 2, 2012

Elliott Wave Update ~ 2 August 2012

Notes are on the chart.   We'll see how this thing shakes out. Next few days should shed a LOT of light on the wave structure.  Primary count is that Minor 2 has topped so any bounces will be sold in that case.

Note the key marker day (which happens to have been my birthday).  That day must be defended by the bulls or else. A close under the key marker day is bearish price action.  Why? Because the bulls expended a lot of effort to take prices higher and a 100% retrace of that effort is demoralizing price action.
VIX was down pretty good today. That might indicate that today was merely yet another pullback. If that was the case Minor 2 would still be in play.

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