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Friday, August 9, 2013

Elliott Wave Update ~ 9 August 2013

The short term squiggle options are too numerous to bother to try and project. All we can say is we have a decent 5 wave move down so far:
Technically, the double negative divergence in the NYAD cumulative line is intact.  This is a subtle warning sign  in my opinion that the advance has grown weary and slugglish.

Another bearish sign is a 4th Hindenburg Omen in 5 days as reported by Zero Hedge and others.
SPX Weekly:

Despite the technical warnings, over exuberance is still abundant. Just check out the II ratio this week from Sentiment Trader:
And the NAAIM survey:
Betting on further upside:

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