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Thursday, November 11, 2010

Thursday, After the Close!!!

The Dollar had another good day, but is still just shy of making a higher high above $78.61
After the initial gap down open where the SPX made its low of the day, it slowly retraced higher in a corrective fashion for the majority of the day. The squiggles today most likely would be part of a "B" wave, or possible a 2nd wave up, because of the over-lapping character to the micro waves. The multiple channel lines are more telling then the EW counts all pointing to more upside for the SPX after this consolidation is wrapped up. For any bearish scenario the SPX still needs to break below the lower green channel line to get the ball rolling, until then the trend remains bullish.
Breadth was barely on the bullish side, closing at 1.82:1 with only 951M shares traded on the NYSE, marking today as the lowest volume day of the week.
If you want to checkout EWI's counts on all the currencies you can do so free for the next week during EWI's FreeWeek of FOREX analysis and forecasts now!!!

2 comments:

  1. Yes, it sure is a confusing wave. BUT! I'm judging it by the "very similar" look of the wave from (Feb 5th 2010 to April 26th 2010). And the timing of the previous wave and the current wave is near end...

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  2. I would like to suggest that you stick with the ultimate Forex broker - AvaTrade.

    ReplyDelete