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Thursday, May 31, 2012

Elliott Wave Update ~ 31 May 2012

Yet a third test below the 1300 support zone of approx 1292-1296 (1300) support area. Dip buyers came in at 1299 or so and the market had seemingly gained some momentum by the last half hour. However very bearish price action in the last 30 minutes wiped out any kind of larger impulse move and turned the rebound into a 3 wave move up from today's low.

Best count may be that a wave (iii) of [v] of Minor 1 down is soon coming.

Observe the alt count is that Minute [iv] is not yet finished shaking out both bulls and bears for a bit more.
3 waves up from today:

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