Now that the danger has been averted and the market did not fall further, I will look to reenter my long today. The 3 day fractal, of which today is the second, may play out like this (May 2008):
There is a high resemblance between the market action and closing hour on yesterday and on the 14th of May 2008, the first day in the fractal highlighted above.
Another factor suggesting a continuation of the rally is the vote in the German parliament on the EU sovereign debt rescue plan. The market will most probably rise in anticipation.
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