THEWACETRADING: 10/17/12 The rebound is much stronger then I was expecting with price easily recovering above both the 10 & 20 d MA and achieving an eod print above the 0.618 retracement of the down leg off the October 5 lower high.
We have a daily Marubozu, which could be an exhaustion candlestick if today we have a small range body or a reversal bar.
Obviously the question that you should ask me is:
Is the correction over?
I am not stubborn, I never obstinate with a given EW count, but
so far I am firmly convinced that EW wise the pattern from the September 14 high needs a pending wave (C) down in order to be considered completed.
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