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Monday, September 3, 2012

Monday, 9/3/12 update

The ES looks to be completing a 4th wave triangle that's been in progress since the 1424.75 high two weeks ago.  Wave "e" of that structure was either done at last night's low of 1396.75 or will be done in the next day or so.  A 5th wave rally should ensue.

On Friday Al's Indicator bounced off a low of .93 that was generated on Thursday (this indicator is based on daily statistics).  Readings below 1.00 on this indicator are relatively reliable bottoming signals, so this would lend support to the thought that the ES is wrapping up a correction.

The last month or so has been a Chinese water torture, hopefully all the fund managers that have been vacationing in the Hamptons etc. are back on the job tomorrow and we'll see some movement.
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