Wednesday, December 8, 2010

Still grinding up...

The move off the highs doesn't look impulsive. In addition, it is the same length as our minuette wave 2 and tested nicely our 34 SMA. That makes it the most likely candidate for a minuette wave 4. This means we should see one more test of the highs before we complete our 5 waves. The overnight futures appear to be supporting this count. Be prepared for a potential gap up accompanied by a reversal.
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