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Wednesday, March 7, 2012

Wednesday, 3/7/12 update

Buy signal in the ES today. Looks like the selling is over for now.

Yesterday's low is most probably the A wave of Minor Wave 4. Minor W4 needs to be a flat or triangle to alternate with the double zig-zag of Minor W2. If it's a flat then prices should rally back to the recent highs before rolling over into a deeper sell off that should carry prices below yesterday's low print. If it's a triangle, then the ES should generate 4 more alternating moves (including the current one) of ever decreasing length followed by a 5th wave rally.
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