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发表于 2011-8-5 11:44 PM
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ddd 发表于 2011-8-5 16:30
Looking at the weekly volume on SPY, the market is likely to at least rebound if not moving away f ...
Gap up next week?
D da, if you look at the $INDU weekly chart, there is a more powerful butterfly pattern that is still in play. $INDU rebounded today near a cluster of target prices near 11250, which is also a strong horizontal supporting area. This pattern will continue being in play till MA200week (10740). Given the uncertainty of EU situation, I feel we may see MA200week.
I took a look at Loren's DJ30 wave count (DJ30, 2/26/11, weekly; Thanks for sharing!) and felt in awe of his work. You mentioned that he is the best wave counter you know. If I read the chart correctly, we are in wave 4 correction after the wave 3 ext. The only difference is that he predicted an abc correction in RSI while the market took a 5-wave correction. I assume that the wave 4 target he drew was for price but not RSI. Then he predicted that we will see 2010 June low (9614). However, if the target he drew was for RSI, we are in the target zone. Could you update his chart?
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