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Tuesday, March 22, 2011

Elliott Wave Update ~ 22 March [Update 6:09PM]

[Update 6:09PM: Bond count. Still working lower.
[Update 6:06PM: Dollar count hanging tough at the moment.
Today's price action perfectly reinforces the primary count of a leading diagonal Minor 1.  Minute [iv]'s target range is 1303.98 - 1316.  Today's retrace down would be the second "b" wave in a double zigzag Minute [iv].

We didn't yet see evidence of impulsing down today so we must assume today's lackluster day is a corrective wave. Small degree "b" wave certainly fits the bill here at the moment.

For the moment, the down channel is containing prices. If the price action can escape that channel, we might expect a final pop up which would fulfill the price range requirement and double ZZ form .
On the daily, we might expect the market to touch and try to re-take the 50 DMA currently at 1303.76 which is just shy of our minimum range of 1303.98.
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