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Wednesday, October 21, 2009

Elliott Wave Update ~ 21 October

I called it on the VIX huh?

I would think that we just experienced a trend change at the end of day. I was entertaining a possible Minute [iv] triangle but 1086 was taken out so its not possible.

I would like to see the SPX cash index gap get closed beneath 1073 to confirm a trend change although either way I think the price action and "sell the news" has been the modus operandi for most stocks so far.

I have a solid 13 waves up since the 1018 low so it all "works" and counts well enough.

Technically I am surprised the markets held up as much as it did today because there are plenty of negative divergences all around.

My long term daily chart is interesting. Only the market can decide where to place its trend lines. Perhaps its gave up on the ultimate bear line....and that means down for P3.

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