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Tuesday, July 30, 2013

Elliott Wave Update ~ 30 July 2013

The overall longer term picture:
Wave 5 of (C) of [Y]. Wave [iv] has run long on "time" on weak volume.

A closer look and potential wave count. Could be a (w)-(x)-(y) with a triangle in the final position trick.  Makes sense in this spot.  Seems the market wants to crack 1700 SPX.  I'll oblige it with a count.  Internals are weak but we expect them to be at this stage of the wave count.  If it cannot crack a new high, look out.

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