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Friday, August 21, 2009

Elliott Wave Update ~ 21 August




Minor C wave up appears to be tracing out. I relabeled the squiggles to a series of 1's and 2'shttp://1.bp.blogspot.com/_TwUS3GyHKsQ/So7fInUOkMI/AAAAAAAABcU/dOzpMBsUVms/s1600-h/SPXdaily.png and next week the various 3's and 4's and 5's should play out which should spell a weaker set of moves.

Sentiment is very high. VIX stills diverges. NASDAQ is sluggish. Mega-negative divergence on the daily RSI on all the charts. Many sub-indexes appear to be tracing final wave 5 moves (banking index, utilities, etc.) Dollar is about bottomed again in a wave 2 flat and may be ready to turn up.

The market is approaching a major bear trendline. The CPC has hit an extreme.

The trade is becoming too one-sided again. P2 peak feels very near.

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