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Wednesday, February 3, 2010

E-minis [Update 3:40PM EST]

[Update 3:40 PM: Well, we didn't get any finishing waves up today so that probably indicates the primary count for the 2 day up move is back to a 5-3-5 zigzag as Kenny shows.  That means likely another zigzag to Minute [ii] peak is the next guess. The waves do not appear to be impulsive down so we assume this is the (x) wave today.]

Maintaining a sideways bias overnight under horizontal resistance. World markets still in rebound mode. The 50 DMA area from 1113-1115 might be the target/magnet. Thats about another 1% move up. We'll see. If the market ended today at around that area, the McClellan Oscillator will have surely strengthened to the zero line I would think. Keep an eye on the NASDAQ it still looks sickly.

Good Luck!
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