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Tuesday, October 16, 2012

Elliott Wave Update ~ 16 October 2012

Yesterday it was predicted a big up gain right out of the box would occur to fulfill a wave (ii) 3-3-5 expanded flat.

The wave pattern may be near completion.

Challenging the upper wedgeline again:
Technically the NYSE ended today at a 75% up issues ratio and a 79% up volume ratio. The NASDAQ was 63% and 65%, less robust.  So technically, this fits into a wave (ii) scenario with a big wave (iii) down coming.

The flipside is that this is merely wave [i] of Minor 5 up to a new market peak as shown on the Wilshire below. Minute [ii] would be a retrace down of the rise of the past few days.

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