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S&P Advance - Just A Bounce Before Next Historical Leg Down

According to Elliott Wave technicians, the advance that started 3 days ago should top around the range of 1071-1083.  This will then be followed by the continuation of the larger wave down which started on April 26.  They point out that this wave down "...should be larger in size than the decline that erased 58% of the S&P's value during Primary wave 1" which occurred between Oct '07 and March '09.

Disclosure: short S&P 500 65%, 35% cash