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Thursday, May 2, 2013

Elliott Wave Update ~ 2 May 2013

The ending diagonal triangle did not pan out obviously. The ALT line recognizes that the market may have continuing plans on rising to finish wave 5. It does seem that 1600 SPX is a determined target. No doubt there are a bazillion short stops at that level and just above. If the bulls can squeeze it over 1600, maybe they can force a panic buying spurt (which would count as [iii] of Minor 5). Just stating that the upside surprise is no longer surprising at this stage. At least we have a count for that if it occurs.

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