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Wednesday, March 24, 2010

E-minis [Update 1:45PM]

[Update 1:45 PM: So far the SPX has been tracing complex intraday squiggles. Its way early in the game here, but a giant B wave triangle is on the table as a possibility.  In other words, unable to make new highs and in need of consolidation, yet unwilling to sell-off.

We'll see how today goes. If the waves stay in a complex manner neither looking impulsive down, nor in any kind of clear structure up, its usually some form of triangle. And if we are looking for a Minor-sized triangle (usually weeks) then its a lot of days strung together.

So we would be in a running type-triangle and the [c] wave cannot be lower than the [a] wave by rule. [c] waves in triangles are usually the most complex.

Just something to keep in mind. Also there is a H&S pattern in play.

Also, Dollar made a new high overnight

A nice article by Todd Harrison over at Marketwatch:
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