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Friday, January 28, 2011

Elliott Wave Update ~ 28 January [Update 6PM]

[Update 6 PM: P[2]'s count so far.  Note: I have wave 3 of (A) labeled where I do because its internal subwaves force the situation as the only logical choice. P[2] sports really no "third of a third" up as the subwave ones all seem to be the bullish wave within any substructure. Incidentally, this is another reason I have this as a true countertrend move (bear market rally).

For instance [i] of 1 is a bullish spike wave.  Also 1 of (A) is the big wave.  So goes [i] of 3 of (A) and even [i] of 1 of (C).   Its not something I realized back then, but its something I observed only recently.]
Impulse down from the top today in a nice 5 waves.
Alternate count shows a wave [iv] flat. But somehow it feels the character of the market has changed to bearsish after today's selling event and that there is more in store.
SPX daily. Retrace almost 70%. That is a normal wave two of any size.
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