Monday, July 19, 2010

Bears just working the bulls

Well from the look of things we have the finish of a wave 1 at some degree. I'm marking it minuette wave 1; however, if the rally dies right here, then it would work better as a subminuette wave 1 as we haven't retraced much on this rally (38.2%). We haven't even gotten close to the hourly 34 SMA, which would be a common test for a wave 2 of the right degree.

Not much else to say, so I'll pick it up tomorrow.
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