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Saturday, May 14, 2011

Saturday, 5/14/11 update

The ES has been in a wedge type formation for two weeks now.


The ES/SPX appears to be at a major inflection point.  Current Elliott Wave and other ES charts can be found HERE.  The direction of the eventual breakout from this current wedge is likely to be in the direction of the general trend for some weeks to come.  Given the breakdown in the commodity and currency markets and the strength in the US$ (not unrelated), the odds are that the breakout and subsequent trend are going to be to the downside.

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