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Keene Little : 12/10/2006 10:52:42 PM

As I had pointed out on Friday, this YM 60-min chart shows the potential pattern for price to rally a little more to finish the larger rally from July. While it's possible the high last week was the end of the rally it would look better with another high so as to give us a clearer 5-wave move up in the ascending wedge from November 28th. Link

The hard part here is that we could see a further pullback before rallying again. It takes a drop below the low on December 1st, so below 12194, to tell us we probably have seen the high. In that case the early high on December 5th followed by the consolidation and then final high on the 7th was the completion of 3rd through 5th waves. The bearish divergence on the 7th actually supports this interpretation.

Therefore I can only suggest continued gorilla tactics here--slash attacks and then take your money. With a market that could literally go either way, and potential volatility due to opex week, it pays to continue day trading this market rather than swing trading. With a new high, especially a move up near YM 12500, or a drop below 12200 would have me looking for a good longer term swing trade on the short side.

Keene Little : 12/10/2006 10:09:58 PM

Monday's pivot tables (all numbers updated for March 2007 contracts (February for gold): Link and Link

OI Technical Staff : 12/10/2006 9:59:59 PM

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Marc Eckelberry : 12/10/2006 1:05:09 PM

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