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Thursday, February 25, 2010

And We Got the Move Down!

Like I was saying last night And Down We Go:

Now why do I say "Down We Go?". The futures are again confirming the breakdown.

Look at the 60 min chart first. After last night and today it was hugging the support lines (breaking below, then breaking back above, but always hugging it), we finally have a very clear departure.

But if you look at the structure of the move on the 5 min chart, you can see it is **VERY** impulsive down. The move yesterday both above and below the trendline was very spiky and corrective.

I will not be surprised at all with a big gap down in the morning.

And that is exactly what we got.

I will update this post with charts as the morning goes on. But the impulse count on the futures is *VERY* definitive.

-- Addition 9:45

All upward support lines are smashed. Move is able to develop into a free fall. There is one more support line below. Perhaps the bounce for Minuette 4?

-- Addition 10:45

Current micro count of the ES

-- Addition 2:10

Retesting broken trendline?

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