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This is a continuous unadjusted contract. Trend remains down, however
the strong volume divergence suggests an excellent chance that the low
is in. The initial reversal effort was a spring reversal through the
prior pivot low (see lowest blue line) followed by a move through the
next high pivot low on left. Since price appears headed to retest the
left pivot low without first having surpassed the left pivot high
(highest blue line), I expect that the left pivot will be violated. The
78% fib retrace of the rally lies at 8370 which is just a tad above that
lowest left pivot - I would expect that level will hold.
Earl
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