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Monday, June 20, 2011

Elliott Wave Update ~ 20 June 2011

We have one virgin wave space on the Wilshire5000 (and SPX) that may mark the approximate middle of a 5 wave structure down.  If one places a 50% Fib in the middle, you can see where it projects a low.

The hourly charts are working off oversold on the MACD signal lines. Prices seem to be resetting, perhaps a Minute [iv]. So for now, we'll call it wave [iv] of Minor 1.
What would cause maximum frustration for bulls and bears alike? Probably a bearish triangle.
Best bull count:
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