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Tuesday, April 1, 2014

Elliott Wave Update ~ 1 April 2014

As outlined last night the top 2 counts are being watched closely.  The Minute [ii] flat count would have to turn down in price almost immediately as there is no room left for a deeper wave [ii].
The "upside surprise" count is of course the extended Minor wave 5.In an extended Minor 5, the subwave Minute [v] would also be extended, as this is the nature of extended 5th wave counts.
NYSE advance/decline line is still strong and potentially pointing the way to higher prices still.
The SPX weekly chart is shown with the extended wave [v] of 5 in mind. That puts the SPX price at about 2000 at its peak. Yeah incredible. But note that the last Zweig Breadth Thrust has indeed panned out so far in that in signaled underlying strength in the market. A break of the major pivot at support at 1737 will signal the cycle wave is over.

As far as RSI strength we have a "peak" at the expected wave 3 of (C) of [Y] peak. And the RSI has been negatively diverging ever since. That would be expected in a wave 5.

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