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Thursday, June 18, 2009

Elliott Wave Update ~ 18 June

A bunch of zigzags that are struggling to gain altitude. 38% retrace has yet to be hit on the SPX. I favor one more zigzag up to finish off a wedge move and a proper Fibonacci retrace of at least 38%-50%. The market cannot seem to attain a price retrace so I have the 1 minute chart as a double zigzag so far and a triple is max.

If another zigzag up happened, it would be a good place to load shorts but the market may do one of 2 things: a) not make it up there for you to conveniently short (and reverse hard down and make you chase!) b) make it up there and squeeze the crap out of your position and make a bunch of weak hands choke and cover (this would be whats known as "overthrow" of the wedge on the final move).

I guess whatever the mood of the moment is.

PS - i am not sure of my degrees of wave labels. That'll work itself out though.
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