"Any further upside rally in early 2012 should be contained in both price and duration. If prices fall below 1242 without reaching fresh highs, wave 3 down has already begun. Instead, a definitive break above resistance at 1292 would suggest an alternate wave count and could ultimately lead prices as high as 1350 before wave 3 down begins."
Prices for the S&P Index touched nearly 1345 intraday. The target for alternative Elliot Wave count is now nearly satisfied for an ending diagonal pattern. Prices should turn down from here.
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