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Balanced View: Intelligent Discussion of Market Trends
goodfella - Thu, 01 Jan 04 :
hatman
I have relabelled the whole move as a double zig zag with an X wave from 19/9 to 30/9 which now puts us near completion of wave 3 of the second zig zag.
Any pullback to 10039 to 10134 should be met with further buying in a final wave 5 to take us to 78.6% retracement at 10776.
The best estimate I can make so far is that Wave 3 or even Wave 3 of a lesser degree will complete in the 10588 to 10647 area
If we are to have any symmetry Wave 4 will bottom at about 10134
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