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I made this chart up yesterday and had sent it to a friend. At that time I
was wondering if the long term swing "ellipse" would capture the next low. I
am posting todays chart also, where the LT ellipse has locked in.
With this tool, the interesting thing on this chart it is capturing turning
points, that are in this case the sub-minor internal wave count of minor 1,
3 and 5 of this big Wave 5 daily move down (this low may signify the end of
minor 3 of 5 down). Anyone else with AGET ever noticed this before, or is
this just a coincidence here?
Anyway the market may rally off this ellipse for a bit before potentially
turning further down after mid month?
Whether the MOB will capture a future low is unknown since the PTI of 34 is
"right on the edge" where a double bottom could occur or a failed 5th wave
(no new low).
As an aside, I am aware that Globex2 is up around +14H presently, so not
playing after the fact games here.
don ewers
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