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Weekend charts 5-30-09


Wow, a classic blow off top into wave D? The move above 923.50 is definitely a precursor of higher prices to come but i wonder..... consider the cash chart.We certainly could coninue to explode up next week , but i would not be surprised to see one more push lower confounding all the bulls!(wave e?) , tho i believe it will be short lived and temporary. Obvious targets include 914.00-915.25, the previous wave 4 of lesser degree around 911 and the one min projection(one bar and 2 bar) of 907.50, and 905.50.


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My short from 911.50 died. Should have took profits earlier at 903 to 904. I should have noticed that failure to punch down almost a double bottom at 903.50.

Live and learn.
Possible resistance with 200 day MA
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Well thought out analysis, Vo! Speaking strickly from a Kools tools Perspective, in the end ,the only thing i have to rely on, this will be the week that 'breaks ' the bears backs(tho only temporarily). I believe we will see 942.50 and even 962, but i have no doubt a rather steep correction is very close! Ialso still believe 1025 will be seen sometime this summer before the bottom really falls out!
Great charts everyone, here is something I have been keeping my eye on.

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