by Avi Gilburt, ElliottWaveTrader.net
Friday August 2nd 2013
This morning, support held like a champ, smack dab in the middle of the target region laid out yesterday. With the rally off this low, price is making a strong case for the standard impulse count of this 5th wave that started on 7/26. Using fib pinball, the standard target for this smaller wave v of 3 of 5 would be 1708.72. However, with the possibility of a leading diagonal off the LOD today, it could even reach 1711.50 or even 1715.50 to complete. At this point, main support is going to be 1695.75, with the original 1693.75 support just below that.
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