Wednesday, September 22, 2010

5 waves complete

Yesterday's price action appears to have given us the wave 4 I was looking for (official move was almost 9pts), a quick retest 5th wave and another reversal. I'm expecting follow through selling at least to the 1106 / 1122 area in what would be the next buy zone. If, however, price can get below that zone, then there should be a strong move to 1090 as that would be the next key area of support. It's not until price gets below 1090 that the momentum shifts once again from up to down, and we have a good shot at minor wave 3 having started.

Best of luck!
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