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Tuesday, March 8, 2011

E-minis [Update 8:27AM]

[Update 8:27AM: Top alternate count of course is the Minor 4 count. Then nominal highs for Minor 5.  In terms of cash index, the SPX would ideally hold above or at the previous subwave [iv] price which is 1271-1276.  On the e-minis that price is actually a bit lower at 1262.25.]
[Update 8AM: There are of course other triangle possibilities including triangles that break downward. However a triangle implies corrective waves overall, hence the Minor 3 and Minor 4 labeling.

One such bearish triangle setup implies a rise today for (e) to probably 1320ish SPX then a sharp reversal downward.

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