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Thursday, November 11, 2010

Them's the gaps

Every single large gap down over the past year has been immediately back filled. Based on the open this morning there was no reason to expect anything different, and today didn't surprise.

Nothing really to report. Still have huge divergences, still have price advancing into severely overbought territory.

What would be very interesting would be a large intraday reversal tomorrow. The count down is not impulsive, but assuming my revised large count theories are correct, this next Minor wave down should amount to a B wave and be very confusing. There is something about Tuesday's move down (discounting the all-too-obvious [and expected] gap filling today) that seems like the harbinger of a trend change.

Old Don binv is chasing windmills again probably.
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