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Wednesday, March 28, 2012

Elliott Wave Update ~ 28 March 2012 [Update 8:21PM]

Update 8:21PM: A small comment on Obamacare being argued before the Supreme Court.

The government seems to be defending the individual mandate by basically saying healthcare is "unique" and that the court should give the law a pass based on this. Actually they need only persuade one Justice (Kennedy most likely).

But this "uniqueness" defense assumes that Obamacare will be good for the nation and fix any and all problems.  I think the law can be also be argued against based on this uniqueness.  Yes healthcare is unique and the worst thing we can do is let government take it over for surely within 10 years is will be a complete hopeless mess.  Thats what I'd have argued as a counterpoint.  I need only point toward housing and the mortgage market as an example.

But take it over is what the plan was all along.

I hesitate to predict how this goes.  I lean toward the law being upheld in its entirety.  And the Democrats and Team Obama will have their Pyrrhic victory as I tend to think social mood will unleash a lot of anger  against the ruling if its upheld that will show up in the ballot box.

And if it is ruled against you can be assured that the political left will be mobilizing and causing havoc, riots, the usual stuff. Occupy Wall Street will look lame in comparison. This is why I think the Justices will uphold the law in the end.

It is fitting that on the Great Right Shoulder of the Bubble Years, that "Universal" Healthcare was finally achieved.  Yet is is a hollow victory coming at the worst time as the country is broke.

Neither of the top 2 counts have been eliminated.
Industrials and its trendline. 5 touches makes this important.
Another count to keep in mind would be an ending diagonal triangle count.

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