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(Z) We were looking for some resistance into the 1125 to 1129 zone. What we’re seeing doesn’t classify as a
“c” “reversal,” but the market is respecting this area as buying pressure has slowed down. The -y- structure from
1084.5 is very difficult to categorize at this point. It’s NOT an impulsive move--that’s all I know for sure. Which
means that it must be a correction of some kind. It resembles one of those “unorthodox” diametric (bowtie)
patterns that we’ve discussed before. I’m looking for some sort of reversal lower within the next 24 hours.
-y-
1129
-w-
(c)
[5]
All of this previous support 1113
should now be considered
resistance: 11251129 [3]
(b)
[4]
(a)
[1] 1084.5
(c)
[2] -x-
The move lower from the highs was clearly
“corrective” in nature and not an “impulse.” (a)
Can you legitimately see five waves down
from the peak?
(b)
Many people are attempting to call the move up from 1440.5 an “impulse,”
but it’s very difficult to make that case because of how the move began.
1440.5 The mess of corrective congestion that kicked it off does not fit as a 1-2
a
-b-?
-e- 79.53
KEY SUPPORT
w -c- x2
-c-
-f-
-d-
-a-
-b-
76.60
-a-
x1
-b-
My target has been 81.70 for a 61.8% of “b” = “d”. When the market was
rushing higher a few weeks ago, I thought it would slice through that level
easily. It’s difficult to know exactly where this “d” wave might end, but it has
certainly SLOWED way down in front of the 81.70 objective. In terms of
duration, this wave “should” last a few more weeks.
Yesterday’s market action was a bit of a disappointment for both bears and bulls.
The bulls had to have that sinking feeling facing a shooting star top on the daily
candles AFTER a major supply disruption. Bears are disappointed with the
“corrective’ move lower that merely “filled the gap.” The market ended up holding
It looks like we get another push higher
the important support point that we identified yesterday at $3.28.
REPRINTED 3/2/10