This morning's open broke through the lower trendline of the 2 day rally pretty convincingly. This action fits well with a completed double zigzag at a fibonacci 2/3 retracement of the last week's selloff. Look for more selling. One more comment. Considering the rally out of October lows to be Wave 2 of April-October 2011 Wave 1 selloff, Wave 2 may still be incomplete. The time spent correcting does not look proportional. The October rally may only be Wave A, and today may be a continuation of Wave B.
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