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Keene Little : 1/29/2007 2:12:26 AM

After what appears to be an impulsive decline from the high last Wednesday, YM broke its uptrend line from the end of November (the bottom of its ascending wedge) and then bounced up and closed just below it on Friday. It looks like a nice setup for a kiss goodbye. Based on that setup it appears to be a good time for a short play. Link

The only problem I have with the setup is the size of the bounce. If the decline from last Wednesday was a 1st wave decline then we should get a larger wave-2 bounce. Therefore I'm anticipating that the bounce on Friday was only the 1st leg of a 3-wave bounce as depicted on the chart. An eventual push up to about 12565, a 50% retracement of the decline, as we head into the end of the month would also achieve a positive close for the month.

Keene Little : 1/28/2007 10:01:05 PM

Monday's pivot tables: Link and Link

OI Technical Staff : 1/28/2007 9:59:59 PM

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