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Market Update, 2009.07.13

13. July 2009
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ES Daily:  Below illustrates a possible bullish scenario that we are seeing on the daily ES.  For a moment, ignore the area that is circled in the lower left of the chart (X Wave) and assume Elliot Wave 1 begins at 761.50 (as demonstrated by the first blue arrow).  W2 makes a perfect 0.786 retracement of W1.  The length of W3 is exactly 2.618 of W1.  W4 has made a perfect 50% retracement of W3.  So far, very textbook Elliot Wave movement.  This would imply a projection of W5 to go to the levels shown in the chart below. 

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