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Tuesday, September 24, 2013

Elliott Wave Update ~ 24 September 2013

There is a continuing heavy bias in the options markets toward more upside. Both the CPCE and CPC are registering significant lows in the 5 day moving average.
Possible squiggle count shows a very decent 5 wave pattern down on both the Wilshire5000 and SPX (not shown)
Again the big picture weekly SPX. This is the best EW count that we have. Its a "three"  (hence corrective) since the 2009 low by all rules and guidelines known to EW theory. I didn't invent this count, nor the trendlines, nor the symmetry between [W] and {Y]. The market produced it.  Will it be the correct one in the end? Only time will tell.

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