This upwave broken at 7 days.

Posted on Jul 15, 2010 by in Letters

In this thirty minute chart the upwave is shown either pausing or ending.  Our last letter pointed out the violent cross currents and changes of direction -- eight in 53 days -- now, probably nine.  If you are trading you must be on this rhythm (as analyzed in detail in the last letter).   It is expected that this wave would be sputtering here -- either to give a trendline anchor, or to reverse and test the previous low.  Notice that the wave is at the downtrend line which must be broken to create a positive bullish tone.

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