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Tuesday, May 13, 2014

Elliott Wave Update ~ 13 May 2014

Updating the same charts we have been using for the past 2 months or so. Yeah its boring, but tracking a conclusion to a 2 year uptrend channel tends to be tedious near the end.  The best count has it ending soon, but EW theory and wave counting come down to a probability exercise. 

Prices have obeyed the channel and until it doesn't, we'll keep counting upwards. Horizontal support and channel support seems important. Until they are violated with authority, we have to jeep counting. I have feeling though that when they do get violated to teh downside they will be breached together at the same time.
Possible short term count. Complex correction over the past few weeks/months.  

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