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Monday, April 29, 2013

Elliott Wave Update ~ 29 April 2013

We are seeing a fairly long-winded positive divergence in the VIX since the VIX low last month. This is a typical indicator of an intermediate sized topping process.
Using the Wilshire for superior form, the squiggle count of the final Minor 5 looks nearly complete.  The S&P equivalent would probably imply that the SPX nips at the 1600 level.
NYAD count. The channeling is the interesting aspect and the 5th wave extension count. Also note the deteriorating technical pattern of the RSI.

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