Finally Nearing a Top
As I said on Wednesday, the 1425ES and 1437ES levels were the key levels to be watching for now. When the 1437ES level broke to the upside, it opened the door to the higher levels we were targeting, up to as high, as the 1460ES level on the December Emini futures contracts.
However, I initially though that this wave iii would target the 1444ES level. Yet, it provided us with a fifth-wave extension within the move up that took us up to just under the level at which the brown a-wave is equal to the brown c-wave at 1458ES. This now leaves me wondering if it will double top at the 1458ES level. Or, should we expect that we will see further extension that will take the relationships higher to c=1.236*a at 1468, or as high as c=1.382*a at 1475? Clearly, these are levels we did not contemplate prior to moving up into our target region, but now that we are here, we have to at least prepare ourselves for the possibilities....211 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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