Here is an updated version of today's wave chart for the e-minis. So far we have seen two down waves and the second exceeded the first both in duration and extent. The current up wave is still shorter in duration and extent than the last one. Resistance stands at the midpoint of the last reaction (purple dotted line). The bears are still in control and unless we can see a rally to new highs for the day today I think the market is headed lower.
Thursday, January 29, 2009
Wave Chart at 12:30 pm
Here is an updated version of today's wave chart for the e-minis. So far we have seen two down waves and the second exceeded the first both in duration and extent. The current up wave is still shorter in duration and extent than the last one. Resistance stands at the midpoint of the last reaction (purple dotted line). The bears are still in control and unless we can see a rally to new highs for the day today I think the market is headed lower.
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