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Saturday, March 14, 2009

Banking Index's Extended 3rd Wave Structure

It looks correct and the extended 3rd wave reminds me of the SPX extended 3rd wave. This implies that we are indeed on wave 4(5) and a new market (and banking index) low is coming soon. If it breaks out of the 3rd wave channel with more than just noise, than I have 1 too many squiggles. But, looking at the middle portion pink structure, it looks proportional. We'll see.

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