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Saturday, May 19, 2012

May 19

1290 target has been met. However in doing so, it has put a *very* ugly weekly candle on the chart by closing basically at that level. The market needs to rally pretty hard next week (or at least stop crashing) for the Daily Cycle scenario to play out (a higher high before a sell signal is issued). Any more strong down days past the middle of the week, then the Daily system will likely be at an emergency exit criteria (which it is not at yet but is fast approaching).

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