Wednesday, September 15, 2010

Morning update...




Another late night...

Okay, based on price action and where we are with the moving averages, I've ditched the subminuette wave 4 and went with an extended 5th wave of subminuette wave 3. That puts us now in subminuette wave 4 with a price target in the 1100/1108 range based on the size of our wave 2. I'm looking for price to solidly test the hourly 34 SMA during our wave 4 (even break it a little). We should then have significant divergence in a wave 5 to finish off our minor wave 2 flat.

Best of luck!
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