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Wednesday, April 10, 2013

Elliot Wave Update ~ 10 April 2013

The market is basically free from all previous resistance.  Perhaps its is entering an euphoric "blowoff" bull frenzy.  

However the wave count still suggests a significant top is near at hand.

On both the 2 hour and daily charts you can see the peak RSI occurred what we have labeled as the "third of a third" wave or the strongest part of the current Intermediate sized wave we have been counting. This would be the expected place for such an RSI peak surge.

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