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Tuesday, July 5, 2011

Elliott Wave Update ~ 5 July 2011

The top two counts, Minor 4 triangle [d] wave, or Minute [iii] of Minor 5 of (C) up, are at the top of the count. The price and wave action is beginning to lean toward the second count, Minute [iii] of Minor 5.

Near term it seems the SPX is trying to consolidate and work off some overbought while maintaining upper price range so it can challenge the 1345 horizontal resistance.

Overall though, if this is Minute [iii] of Minor 5, then Minor 5 is targeted to truncate in the SPX at 1366 or so.

A triangle count allows for more price action near term including a nasty [e] wave.

Determining if we get a Minute [iv] will determine the overall count. We do not yet have a Minute [iv] so we cannot say anything at the moment.

This 60 minute chart shows both the triangle and Minor 5 count.  Placing some Fib markers yields a possible truncated Minor 5 high if this market continues up in a Minor 5 fashion.
The NYAD count supports the notion of Minute [iii] of Minor 5 as indeed that is what it counts as itself.
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