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Charts 5-10-09

Here is my count that I have some confidence in, which means its prolly wrong. The vast majority of "normalized" 5's end around the 61.8 of the entire preceding 3. I have a zone marked on the chart that we should expect a 5th to terminate at. I would NOT be surprised to see another ending diagonal play out here. It should be noted that wave 1 equality comes in around 996. Bottom line is that if my count is right, we are very close to getting a chance to test these bulls (thats going to happen regardless of my count). I will assume that donuts or slightly below might turn into a brawl, but I'm fully expecting at least a 38.2 or better retrace. At this point my best guess is we would see higher prices after that retrace and then the real crushing starts (Koolio and I differ on the eventual outcome). We will just have to see how things play out. I am anticipating getting short via puts early in the week. We also had closing $ticks on Friday.

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