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Tuesday, October 13, 2020

Elliott Wave Update ~ 13 October 2020

Tonight's chart combines last night's top two counts into one squiggle chart because I'm feeling lazy and its a pretty clear picture regardless. Consider them both "primary" counts at this stage because both counts suggest that even if new highs come, this wave up is almost over.

The first count is that the market does not make new highs and and its counted as Minute [ii]. 

The second count assumes new highs in the Wilshire and wave [iv] and [v] of 5 will trace out.

We are at SPX 3500 and the VIX keeps diverging higher ending the day at a 25.99. This is not a calm market. There is a lot of tension underneath. Its like playing craps and you think the dice is hot, you can't be beat, and you keep going "all in" on the bet. Sooner or later the house wins. Always.

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