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Tuesday, November 9, 2010

E-minis [Update 3:54PM]

[Update 3:54PM: As I said this morning all that was required was at least a new high at 1224.75. Well there you go.]
The only requirement of a wave (v) is that it achieves a new high.  But it usually has some wave relationship with wave (i) and/or (iii). In this case wave (iii) was extended so wave (v) should either equal (i) in price length or be .618 of wave (i) as a general guideline for starters.  Wave (i) was approx 22 points long. Wave (iv) low was about 1215.  At .618 x (i) your looking at roughly 14 points. (this is all in my head math here). So add 14 to 1215 and you have a 1229 high. If (v) stretches to equality of wave (i) your looking at a slightly higher target obviously.  But again, all that is required is at least a 1224.75 high.

For a wave (iv), its probably played out long enough and it has hit the other side of the wave channel.
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