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Monday, August 24, 2009

Elliott Wave Update ~ 24 August

Well that could be P2's top. If not, we are getting close (at least in price). All my charts here assume the P2 top is in. The obvious alternates are listed.

Many charts and stocks look like they are finished with either big 5 wave moves up (see my bank chart below). So based on this, why would I assume P2 will continue to march onward? It did hit my preliminary target range of 1032 - 1044.

Ok raise your hands out there, how many feel this is not the P2 top? Most of you raised your hands? Well maybe then its time.

I cannot ignore the big negative divergence on the daily RSI.
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