The market tanked after the EU Energy Commissioner said that the Nuclear situation in Japan was out of control. Yet earlier I warned that a loss of w.(a) and w.(c) may lead to a more complex w.b.
Looking at the intraday chart, w.b circle retraced approximately 90% which is typically associated with a flat correction followed by a rally to w.c=w.a at 128825. If so, 125550 must hold; therefore, it's critical support. A break below 125550 would set up the potential for a test of 1226-36 support area.
I hope you found this update helpful and ..
Best of Trading
Critical support of 125550 has been broken opening the door to further losses. See my nightly post for summary of today's trade and updated wave count.
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