Friday, December 31, 2010

12/31 pre-open

For the dollar index I'm using the 1-minute, 260-unit plus 6.5 cents and the 10-minute, 140-unit M/A plus 7 cents to re-enter.  The count may have ended here but more probably has 1 more low.
Currently these thresholds are 79.445 and 79.76.  I'm buying at 79.18 on a further decline.  The low of 79.145 on 12/14 was the start of what I count as a 5 up.  Dollar cash low is 78.83.  These levels must hold or the dollar rally is kaput.
The stock market needs a 30-minute close below 1249.25 basis March SP futures to give early warning. It comes into the morning with critical support M/A at 11,570 and a breaking point of 11,414.  This is I1 top day so I'll look to short later this afternoon.

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