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Friday, May 14, 2010

E-minis [Update 10:58PM]

[Update 10:58PM:  The market is battling to hold probably the last big support above the big gap 1110-1122 gap. Also near the 38% Fib pullback spot. Going out to lunch.]

[Update 10:15AM: One important point to ponder with today hitting the sub 1140 range, is that it kind of confirms that an ending diagonal in play as one of the results of an ED is usually a rapid price decline to below where the ED started.  So wave-wise, thats an important "marker".  The key is fiuguring out where that ED fits into the larger pattern. 

ED's are at the top of a trend. So the ED peak is either a wave 2 peak outright or an [a] or [w] of 2.   That supposes we are either in wave 3 down or a nasty [b] or [x] wave pullback. We can help determine which by what the down waves are doing. Are they impulsing in 5 wave structures? We'll see.]

[Update 9:50PM: Thats some good selling going on. See down volume and decliners.]

Still above upper support.
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