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Wednesday, July 25, 2012 8:14:52 AM
EJ Hourly Chart
Yep, that it is. We broke above the first trend line as I expected. Eventually, we should see a retrace back near the lows to test that trendline area as support. I can see a pullback at some point to 94.24, give or take. That would be the ideal spot to take another long position.
So far, the price action has stopped near the previous Wave 4 peak around 95.20. I still suspect we'll see a topside break to handle the gap fill up to 95.50 or so before another pullback occurs.
Yep, that it is. We broke above the first trend line as I expected. Eventually, we should see a retrace back near the lows to test that trendline area as support. I can see a pullback at some point to 94.24, give or take. That would be the ideal spot to take another long position.
So far, the price action has stopped near the previous Wave 4 peak around 95.20. I still suspect we'll see a topside break to handle the gap fill up to 95.50 or so before another pullback occurs.
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