Monday, January 25, 2010

Still down...

Today's action qualifies for a flat wave 4 (we touched the .786 retracement for the double bottom) and so we still have a couple more 5s and 4s to go before we finish off this wave 3. I would like to point out the bounce was 13 pts as stated in my post yesterday. We should see some divergences build on the hourly chart before this first minuette wave 3 is complete.

I'm looking for the next low to be in the 1080-1085 range. We'll see if the market continues to cooperate ;-).
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