Wednesday, June 9, 2010

6/9 10:00

Market advanced to the 5-minute, 380-unit M/A.
My initial target is 10,015. This is the 5-minute, 380-unit M/A +40, a typical initial move. A pullback to 9,900 would fit the scenario.  If my count is correct and wave 1 ended 5/25 then this is wave 2 and will be the c wave within it.  A 5-wave with a high above 10,260 will confirm this count.  This is not the preferred count by EWI, but their alternate.

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