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Pat McNeill's  Instablog

I am an active trader in Stock Index Options and I have a fascination with the Elliott Wave method of analysis.
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Pat McNeill on Elliott Wave
  • Running out of Gas? 0 comments
    Nov 11, 2009 04:58 PM
     A higher high on the S&P (higher than Oct. 21) after the open was strongly repulsed and resulted in a test of support at the lower edge of the trend channel late in the day. Usually the market will step down to a lower and slower Gann Line before progressing to a higher high but the trend channel remains in force and the oscillation within the channel flipped to the upside late in the day.

    Please see the chart below for the Primary Count on the S&P.
     

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