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Monday, July 21, 2014

Elliott Wave Update ~ 21 July 2014

The Wilshire 5000 shows the true count of the market. Since declaring the top of Minuette wave (iii) of Minute [v] of Minor 5 a few weeks back, we expected a corrective wave (iv) to meander about for quite some time. It has not disappointed.

Question is, is wave (iv) over or merely only half of the correction?
Still leaving room for more of a correction of wave (iv) of [v] of 5. Again, "look-wise" it makes perfect sense for the time to finish the final waves to play out through the end of summer. Its certainly not required but it won't be surprising if that's what it takes.

Another trendline hit for (iv)?
SPX probably has a slightly differing subwave count for Minute [v] but the gist is still the same.

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