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Tuesday, November 22, 2016

Elliott Wave Update 22 November 2016

The chart below suggests the maximum wave 5 of (5) of [5] can go is 23,780. However the shorter wave counts do not align with this higher number. If the market does go that high, then the squiggle counts (last 2 charts) are incorrect.
However shorter wave charts suggests the "right look" is occurring right about now. The next 2 charts show how Minor 5 may be a quick burst with a (v) of [v] of 5 as an extended fifth wave.  Since wave [iii] is not much longer than wave [I], we can expect wave [v] to be the extended wave of the structure. This is how you would properly count that situation:

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