The power of today's rally has narrowed the e-wave count to wave 2 correction of wave that which started at the August 2010 highs. With that as the reference, this correction has retraced to the first fibonacci area of 38-40%. The duration of this coutertrend rally is relatively short, and would look better with a 3-4 day choppy selloff followed by another 3-4 day rally to the 50% fibonacci area.
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