Tuesday, June 29, 2010

We're extending...

Based on the price action, I don't believe we've finished our minute wave 1 of minor wave 3. The bottom line is I'm expecting this wave 1 to finish in the 980/1000 area before we have a retest of the 1040 support line in a wave 2. I'm looking for continued downward prices (possibly choppy) on the way to that area to create plenty of divergences on the daily chart.

Best of luck!
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