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Thursday, April 25, 2013

Elliott Wave Update ~ 25 April 2013

The retrace from the recent 1536 SPX has traced too high probably to be called a second wave up (although technically it can still be called that). Rather the alternate count I have been showing the last few nights may be the correct way of looking at things. And it may end truncated.
Short term squiggles for 5 of (C) would count like this:
We could still label Minute wave [ii]. The problem is it no longer has the "right look" and is stretching things a bit. This count would have looked correct if the high has finished at 1572ish, but it has traveled much higher in price obviously and persisted too long in time for an expanded flat count to look correct. (However the DJIA is lagging and wave [ii] count may be correct for that index).
Long term counts:

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