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One should keep in mind that we are only a few days from the highs and that
this could either be a correction in preparation to rally to another high or
the first leg down in a decline which will correct the entire rally. I am
leaning toward the first leg down theory but only time will tell. If this is
the first leg down then we should expect that a significant portion of the
decline will be retraces and those gap areas appear to be resistance.
Attached is a 30 minute composite chart showing the symmetrical setups for
the decline, the hit to the minimum objective and the rally back through the
red line which would normally be expected to represent strong resistance.
Now, examine the high of the closing bar (2282.03) and look to the left for
an equal or lower pivot high. It is no accident that the pivot high at 1300
NY time was 2282.01 - this is now the "rim" for a symmetrical rally with
support at the 2256.44 pivot low.
Earl
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