Prediction 1/12/16: Another Up Day with potential for more

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Potentially another up day for the market tomorrow as indicated by QQQ             for the following reasons
  • Follow through on correcting elliott wave , steps A and B completed looking to make a move on C
  • Cup type pattern forming, watch the development early tomorrow
  • Potential for reverse head and shoulders pattern, if follow through happens a potential trend reversal?
Trade closed: stop reached: Head and shoulder never broke out, and the C branch of the Elliott wave was weaker than expected. With significant long term support right below current levels, this should have been expected as the market should at least test those levels today.
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