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Tuesday, July 14, 2009

Wolfe Wave?

The other day I mentioned Wolfe Waves. I've been watching for one of these setups to come along and I think we may be close to one right now. It's not a big move but at this point I'm more interested in seeing if it will work.

So if we get past the top trend line to point 5 the idea is to sell and take profits at 896 tomorrow.

I don't have a lot to say about today. Just small a range trading day on the S&P and the currencies too. I'm hoping we top out here and quite honestly I hope I'm wrong about that long drawn out scenario I showed you yesterday. I'm all for a wave ii peak, and seeing the rest of wave c develop. I'm tired of watching this slow market.

Oh, I almost forgot the elephant in the room! This wave looks like a possible triangle.
After looking at that a bit further an EW triangle would go the other direction.

Analysis presented on this blog has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts.

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