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Friday, November 4, 2011

Elliott Wave Update ~ 4 November 2011

Nothing much to add since yesterday. Its proposed that the market is in wave [b] of Minor 2 as top count (or [x] if you prefer).

The [b] target box and [c] target box generally sums up about the general thinking at the moment. [b] waves, if this is one, has a lot of latitude to bounce and form a complex wave structure and pattern. Then [c] must make a higher high than 1292 SPX.
Today's early downdraft does not count well as an impulse. Again, don't construe this as if the market cannot go lower - it certainly can in a continued corrective, sloppy [b] wave count. All it suggests is that the market may not be yet in Minor 3.
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