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Tuesday, January 21, 2014

Five More Waves UP?

This morning's futures market is giving clear direction after Friday's sloppy close.

Actually, the market was pretty precise Friday. It bounced off a 38% level. This morning futures are up sharply, and the S&P cash should crest 1846.04. If so, another 3-wave correction will have been created, and the market will be primed for new highs. There are multiple Fib extension targets at the 1870 area.

There is ample potential for the market to rally in 5 waves. Today could be the start of the third and most strongest one.

1815.32 is the stop for this scenario.

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