Here is an updated wave chart showing today's e-mini trading. The bears are still in control - the second down wave was much more extensive than the first while the current up wave has still not matched the 9 point rally we saw earlier today. I think this rally will stall within the blue rectangle and probably not reach resistance at the dotted purple line.
Thursday, January 29, 2009
Wave Chart at 2:30 pm
Here is an updated wave chart showing today's e-mini trading. The bears are still in control - the second down wave was much more extensive than the first while the current up wave has still not matched the 9 point rally we saw earlier today. I think this rally will stall within the blue rectangle and probably not reach resistance at the dotted purple line.
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