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Bottom line the MOB was blown away on the daily chart and as expected the
wave 5 has relabeled to a wave 3 which is in its target range, although in
the upper fibonnaci expansion area which happens a low percentage of the
time so things seem extended to the downside and a bounce due (wave 4?).
On the weekly chart the long term ellipse was also penetrated, exceeded and
then closed was back up into it. Note the wave 3 weekly is also in its
target range (ready for a wave 4 rally?). The lower MOB at 823 to 767 are
possible targets if a wave 5 develops (shudder) but once again a wave 4
needs to be analyzed first to determine if it will come into play.
don ewers
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