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Tuesday, June 5, 2012

Tuesday, 6/5/12 update

Best guess on current ES wave count is Micro W4 still in progress and is a double zig-zag:

However the duration of this Micro W4 is now twice as long as Micro W2, so prices need to roll over almost immediately.  In Elliott this count is not invalidated unless prices move above the low of Micro W1 at 1305.25, but realistically if the ES rally's up past that spot it's almost certain that Sunday night's low at 1262 was more significant than thought.  Adding to the case for a change in trend is apparent trend changes from bear to bull in the EUR/US$, AUD/US$, Gold & Silver (see "Market Trends" to the right).  All these markets have tended to move in unison in the recent past, mainly because the value of the US$ is a driver in all of them.
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