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Thursday, October 2, 2014

Elliott Wave Update ~ 2 October 2014

The primary count is that today's low was the bottom of wave (iii) of [i].  Today's hard bounce is counted as wave (iv).

Specifically a lower low is required under Elliot wave rules prior to any price violation of wave (i) of [i] to count the structure as an impulse wave down.  The wave (i) price low is 1978.63.

So in other words, prices must move beneath 1926.63 to complete wave (v) prior to any bounce above 1978. . Thats a lot of price range for leeway, however the structure should also "look right". So far it looks pretty decent as long as we get another lower low.

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