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Monday, October 13, 2014

Elliott Wave Update ~ 13 October 2014

The SPX weekly shows the overall picture. Today closed solidly under the 1904 pivot, 1900 support which indicates a reversal of the near breath thrust condition the market experienced during the summer climb.
The squiggle count is a bit muddied, but I threw 3 possible "best count" options here just for fun.

Count 1 is the most bearish indicating that the market is ready to sell heavy in the middle of a wave [iii] down.
Option 2 is a variation on the overall "megaphone pattern".  Not a lot of confidence in this count. Its just something I threw together in case stocks rebound hard. Today's selling intensity wasn't too too bad, so you never know.
Count 3 is actually a variation of count 1.  Allows for a vigorous rebound, but not as vigorous as Count 2.

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