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THERE IS NO WAVE ONE! I will repeat what I have posted here several
times already:
The fall to 1057/1054 was a three wave affair. Then we got an x-wave to
1106, then another three wave affair to 940. I still see us as being in
another X-wave higher. With 1043 having fallen, we are prob retracing
50% of the whole drop, meaning 1065 or so targets. The first leg down,
though relevant in that it can provide resistance, is irrelevant from an
Elliott perspective. From 1065, we get another run to new lows. Maybe
900, maybe even 800, but new lows are coming.
If you buy on a break above 1054/1057, it better be for a day trade!
This market has not bottomed yet in my opinion.
Even if I am wrong, it is because we did a double three which was it.
THere is no relevance to the 1054/1057 lows.
Steve Poser
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