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Tuesday, November 27, 2012

Elliott Wave Update ~ 27 November 2012

Outlook hasn't changed. Best count is Minute wave [ii] up is playing out.  Prices are struggling with the backtest of the 2+ year wedge.  The target for Minute [ii] would take the overall shape of a three wave affair and it would probably be pronounced on a daily chart and look like a zigzag at that scale.

Based on that synopsis, we have not yet had a pronounced (b) wave likley yet.  SO we look for the (b)  of [ii] wave - which may be complex - and then the final wave toward Minute [ii] target.

Targets for Minute [ii] could be: 1) 50 DMA currently at 1424.  2) filling the large open SPY gap which is approx 1430ish SPX  3) another backtest of the wedge somewhere in the same price range. Or a combination of all three.

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