If the overnight session is any indication, I'd have to concede that wave (ii) purple up has still not resolved itself as a break of 1054.25 is immanent. Several technicals still point to a counter trend wave structure that began on August 25, 2010. Yesterday, both volume and open interest declined... a signature of short covering. Once the buying pressure subsides, we should see the resumption of the trend which is down.
Best of Trading
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