Friday, January 4, 2013

1/4: SLW update: ElliottWave count adjustment

SLW update:

Considering the recent weakness, I believe we need to adjust the Elliott Wave count and move the Y wave from the $34.71 low to the $34.03 low. The rally from $34.03 has been clearly in 3 waves so it is not impulsive, confirming that any new high above $37.58 is still corrective and that eventually we should see a new low below $34.03. I still expect a new high near $40+ in the coming weeks.

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