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Tuesday, February 21, 2012

Tuesday, 2/21/12 update

Could it be? Could it be!? A top?




Requirements for a top are met from an Elliott standpoint in the ES as of this morning, and yesterday's high print of 1369.50 is almost right on the target of 1368.75.
BUT the pattern on today's downstroke was not clearly impulsive - if this is the start of a correction today's move down will have to be labeled as a leading diagonal. So more evidence is needed.