Monday, September 27, 2010

Elliott Wave Update - September 27th

The market did not do much today but it does seem like it might make an attempt at the upper trendline of the broadening top around 1165-1170. Since this is the end of the quarter, many fund managers would like to end with quarter with good results so they'll probably wait until the 1st to start distributing. If the high today was the "B" then we should see a sell off tomorrow. However, considering the big rally on Friday, today's waves look more like a consolidation/correction.

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