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Thursday, August 8, 2013

Elliott Wave Update ~ 8 August 2013

There could be a head and shoulders pattern developing.  If the S&P500 can retake 1700, I imagine the open gap at approx 1707 will be challenged.  Usually such large open gaps tend to get filled and I susepct this one will be also.

But using the Wilshire 5000 for superior form and wave count, we get the idea:

All the top counts:
Again the even bigger picture using the SPX:

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