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Tuesday, September 4, 2012

Elliott Wave Update ~ 4 September 2012

Primary count is that Minor 2 has topped on the Wilshire5000.   Looking for wave (ii) end.
But there is a fourth wave triangle that exists for the top alt count(s):
But the triangle does not exist well on all indexes.  For instance the DJIA and certainly the transports have been in their own count.
E-minis shows the persistent support.  Sooner or later buyers or sellers will exhaust at this level.  There is a case to be made for a break upwards (out of the Wilshire 5000 triangle shown above) but there is no guarantee that the 2011 highs will be taken out.

A move up out of a triangle would be considered a "final" move in the wave count.

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