Active Mo.
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The three series of abc's are almost all equal so it gets it's own structure label W. That makes this move down an X wave of greater degree. Within that structure c=a @ 3.86 and the .618 retrace of W kicks in at the 3.90 level, the measured target previously discussed. As usual the reaction to the stats will probably clear things up and provide a little opp.
I do not believe that this choppy move up, beginning last Oct is done yet. It is likely that we get another series of abc's up ( at least) . The simple reason is because there is a clear ABC down from the highs of 2005 lasting 4 years and we have not spent enough time or retraced enough price on the upside since the lows of 2009.
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