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Monday, November 29, 2010

Monday, after the close!!!

The triangle is dead on the SPX, but after today's price action, this "B" wave could still be alive and tracing out its pattern as a double zig-zag, a-b-c-x-a-b-c. This would make good sense for the 4th wave to extend further out in time because the 2nd wave lasted close to a month, this 4th wave should be at least that long, at preferable 6-8 weeks would be closer to the norm for a 4th wave of this degree. This is the problem with trying to predict corrective waves, they always have that possibility to morph into complex correctives.
The daily trend does remain bearish as the SPX has not printed any higher highs, only lower highs, and lower lows.

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