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Friday, January 22, 2010

More Channel!!, Less Wedge!!

Very bearish indeed!! The wedges looked good up until about an hour ago and the pattern started taking a much more bearish nature.

The lower trendline is coming down and these look like channels now. Very bearish indeed!! With the recent new lows the last few minutes on all the major broad market indices, I would say this looks far more like a series of 1-2's!! (I count at least 3 levels deep)

3:40 - Adding the short term count with the relabeled waves and Wave degrees

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