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Friday, November 7, 2014

Elliott Wave Update ~ 7 November 2014

2035.48 SPX would be where wave (5) is .618 times the price length of wave (1). Today's high was 2034.26. I guess we'll see if the Fib ratio comes into play tomorrow Monday (duh).
Possible squiggle based on 2035ish.
Big turn today in Gold. Sentiment has been shit for weeks, so perhaps my $1033 target is reaching too far. It could be the end of an Intermediate wave. Thus the bounce back up could be quite significant if its a primary wave. Time to get bullish on gold.
The US Dollar also has some extreme sentiment readings occurring. Time for a fall in price and backtest the breakout line?

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