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Tuesday, 5 June 2012

$NMUNI - Nuveen Municipal Closed-End ETF Index

Monthly Elliott Wave Count:

 Detailed Weekly chart with recent price action:

Detailed Daily Chart:

My bias remains bullish for this index due to the characteristic of WXY move that can be counted as eternal 3-3-3 WXY move.
W leg is 5-3-5 ABC ZigZag move
X leg is 3-3-3 ABC 'three' move
Y is on the making:  1 or A is five wave structure, 2 or B is corrective three wave structure and now we are approaching final stages of wave C (Y) that have been developing so far as five wave structure.

Right now price is going up  to min.4200 points to target wave 5 extension. The min. target  for wave 5 is the top of the rectangle area (100%Fib Extension of wave A; C=A).

Fibonacci fan works as a support: an extension of the orginal ine from 1995 might be a nice confuence level working as a resistance for final wave 5 (Y). Pleas enotice how FiboFan levels worked as support during the years.


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