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Tuesday, April 28, 2009

Elliott Wave Update ~ 28 April

Short term the market may have one last push up. Look at it like end of month window dressing. The market is coming to a small apex point. How it breaks is anyone's guess. The short term wave stucture actually favors the move up.

Regardless even if it moves in a last fit upwards, it should correct backwards to the 820's SPX at the least.

Look at the chart of December that I provided. It shows the market tracing 5 strange little waves up after a very steep decline from 895 SPX. After that 5 strange waves up, it retraced back deeply. I think there is a good chance for the pattern to somewhat repeat here. 5 waves up in a strange humping pattern following a steep 50 point loss.

But even if another push does not come, a retrace back to the 820's looks inevitable.


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