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Tuesday, May 5, 2020

Elliott Wave Update ~ 5 May 2020

The primary count is that Minute wave [ii] of Minor 1 of Intermediate wave (3) peaked today.
Fibonacci 61.8% retracement more or less.
Today's gap up open was the weakest yet so far. It aligns with the primary count. Note that today the up volume on the NYSE finished the day at less than 1:1 ratio despite it being about a 1% market up day.
The top alternate count is that the market is working to make a higher wave (2) high. It will take better internals to be able to push higher and it will have to happen almost immediately if it is to do so.
The squiggle count for the top alternate.  Wave (iii) of [c] of Z would have to happen almost immediately for this to pan out. Perhaps another big gap open up and then run toward a new high over the rest of the week maybe.

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