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Wednesday, July 20, 2016

Elliott Wave Update 20 July 2016

The Wilshire finally took out its 2015 high today. If we align the count with Robert Prechter's primary Dow count of a cycle wave taking place this is what the count would look like. I hesitate because sentiment is very high at the moment and a decent correction is due.

This count infers much more price advance over the coming months which very well could happen but I'd like to see how sentiment and price shakes over the next few days/weeks out first. Then we'll go from there.
A major reason is that key sub-indices have yet to even take out there highs including the NASDAQ100, the Global Dow and the NYSE composite. So there is a significant negative divergence going on.

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