WAVE COUNT
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Given the peak of this past motive sequence at 12,876, it seems as though my first prediction was in fact correct. My update based on the count of "elliotwavestockmarket.com" was a bit optimistic in its consideration of the top of the third wave of intermediate degree.
It appears now as if both the intermediate fifth wave has been reached and that the the wave count has moved into the first element (1 of 3) of correction, the A wave. It is my assessment that this correction will break into a 5-3-5 structure in the intermediate degree and that the A wave will retrace upwards, starting the B wave once it hits a .618 retracement of the C wave of cycle degree. This should occur at or around 11,600. If anything I would expect it to cut a bit deeper before the B wave corrects to around 12,300 at which point the C wave of intermediate degree should pull down on the average very powerfully.
-W
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