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Wednesday, November 29, 2017

Elliott Wave Update ~ 29 November 2017

Watching several trendlines on several charts. The Wilshire 5000 makes excellent trendlines and wave counting.

On a monthly scale, the market hasn't been this overbought in over 20 years.
Proportions between wave (1),(2) and (4),(5). We expect wave (3) to be the biggest as it is.
Weekly overbought and the overall count since March 2009.
Channel lines.  Weekly RSI lows support the idea of the Intermediate wave (5) subcount price points.
The daily RSI also helps identify likely wave counts which is why Minor 4 is marked where it is. Also note the potential for an upper channel strike at the end of year.

Also note that when overlaying a Fibonacci scale and placing the 50% Fib at the "third of a third" - wave [iii] of 3 - we have nice symmetry of the entire structure.
The final Minor wave 5 in close-up on the hourly scale.  Again, the waves count nicely.
And now the very short scale.

Conclusion: Should be an exciting final month of 2017 one way or another. We are running out of ways to count at multiple scales which indicates we may be nearing the final count top tick.

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