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Wednesday, April 22, 2009

2-4 Backtest?


The market looked like it was "bumping" into some invisible line at the peak tops today. I think this constituted a "2-4 line" backtest. It certainly failed for now.
Remember I was saying that P2 may eventually backtest Primary wave 1's 2-4 line? Well this is sort of the same thing. A near term top sets in at 875 and the market falls down. It then backtests the previous 5 wave structure channel lines, or, what we call the 2-4 line. Today looked like a test of that.

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