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Tuesday, December 28, 2010

E-minis [Update 11:56AM]

[Update 12:11PM: The S&P cash indexes may lack a 5 wave structure off today's spike high, but I wouldn't get hung up about it as the e-minis probably make a nice 5 wave impulse pattern down as the high was not matched during trading hours.]
[Update 11:56AM: All the squiggles are now sufficient to complete Minor 5. If it decides it must extend in either time or price, then so be it, its up to the market.]
The problem is, there is no 5 wave impulse pattern to the downside just yet.  Even if this squiggle count below is correct, there is a lot of damage to prices and the last squiggle would probably truncate.] 
ES at new highs
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