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Friday, June 24, 2011

Elliott Wave Update ~ 24 June 2011

Not much to add to what we have been saying last few days. Today was uninspiring price action and can only be viewed as bearish near term. There is no interest yet in pushing this market above 1295-1300 resistance. Yet there is some buying interest as there has been a sort of stalemate between bearish and bullish forces for a few weeks.  I think that best fits into a Minute [iv] sideways wave count.

I would say the EW squiggle count favors a 5 wave down count (at the least) that has not yet finished. In other words, we didn't have to get creative in making this count.
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