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Wednesday, December 15, 2010

E-minis [Update 3:10PM]

[Update 3:10PM: Here is a potential bear count.  There is some impulsiveness down going on.

The whole thing has an expanding edge to it from a top which is indicative of a possible trend change]

[Update 2:40PM: Using the Wilshire, this is my top alternate count if the market decides to make another high before the end of the year. This pullback would be Minute [iv] and I would expect it to be a sharp zigzag (or double ZZ) at least (because wave [ii] was a sideways flat) back toward the middle of the price range of the previous subwave pink (iv) per EW guidelines.

A significant breach of the November high support means something else likely.]
Looking for any kind of channel down to form
Dollar needs a big rally to make the whole thing a five wave structure. There does seem to be a bit of positive divergence on the 4 hour MACD signal lines and stochs.
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