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Friday, April 12, 2013

Elliott Wave Update ~ 12 April 2013

There are enough waves in place to consider the 5 wave rise from the November 2012 low to be finished.
However, it the market is experiencing a "blowoff" phase, then things will get real interesting from here. Specifically I am looking for a solid close under 1570 and/or a break (or adherence to) of the rising curved parabola line.  The top of the channel from 2009 low is approximately 1674 sometime in early to mid May.
Sentiment is sky high right now so the "blowoff" scenario described above would be quite a stretch for the market. Here for example is the current Hulbert Nasdaq sentiment via Sentiment Trader:

We are treading some pretty high ground here.
In light of the commodity selloffs as of late, it would appear stocks may be next. So hold onto your seatbelts.
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