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The short term bullish case appears to be in trouble this morning. The move
up from Tuesday's low unfolded in 3 impulse waves ending just shy of the
162% expansion projection at 1223. I expected a w.4 correction overnight to
pull back to the 38% retracement at 121550 without violating the 1213 W.1
pivot high (heavy horizontal red line), however it failed overnight stopping
out a long position taken on the retracecement. It now appears that this
rally was corrective and that we have another 1-2 day leg down to complete
the correction to the rally from the 11July low.
Earl
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