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Monday, June 24, 2013

Elliott Wave Update ~ 24 June 2013

[Update 9PM: MUB selloff on heavy volume]
Not good.

Another heavy down session on higher volume. Down breadth has been significant and has "changed" the most since anytime since the 2009 low.

Note the 3 stabs under oversold lately (Blue Circle). We haven't seen that since the rally began. The nature of the market may have changed to "bear".
Squiggle count:
Daily shows heavy volume again. Clearly the next horizontal support level can be seen at 1536 SPX. Would also correspond to a down trendline touch.
6 month yield count is perking up as suggested last Friday:
I really like this BPSXP chart also. Broken trendline.





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