Today's continuation of the rally fizzled once again. By the close, the ES_F, NQ_F and YM_F could not hold onto their gains to create a new closing high. Market internals continue to weaken. At the daily chart level, the ES_F came within 2 points of the 1.382 RF extension of w.4. As you know this level was cited as a level of significance. Today's high fulfilled the minimal conditions for a w.5 termination. However, looking at the lower 120 min. time frame, the wave structure implies that w.iii either ended on 12/13/10 or today. If the operative wave count is correct, i.e. as I have the chart labeled, then w.iv should end at 1233.75. Thereafter a final push to 1245-1247 should complete the structure for minor w.2. Tomorrow should interesting. Best of Trading
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