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Strategies & Market Trends : Visit Mr. Elliott.
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From: skinowski6/18/2007 4:22:12 PM
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30 min SPX --- we see a 5-3-5 rally which started at the June 8 low. Second "5" was 1.62 times the first. The last 2 days were spent in a rambling tight range. The two possibilities are 1) it is a W4 consolidation, and 2) the market will roll over and go down. 1) is more likely, but who knows.

A breakout here would be a good long swing entry. A W5=W1 would project to about 1557 - new ATH.

Otoh, a(n unexpected) decline under 1515 would suggest that not all is well in the bullish kingdom.
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