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Wednesday, November 14, 2012

Elliott Wave Update ~ 14 November 2012

It appears the "third of a third" wave down is playing out.  The intensifying market internals matches that outlook. Today's selling pressure was 92% decliners vs advancers on the NYSE and down volume ratio was 89%.  A pretty solid 90% down day overall.
Another look at the rising bearish wedge.  Minor wave 1 down projects to probably at least 1266 SPX. A this point I would say 1266 is the next best support available.

Collapsing prices post rising bearish wedge suggest that Intermediate wave (1) of Primary wave [3] down will end at sub 1000 SPX.
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