NYSE at key long-term support

NYSE is now at the lower trend line of the channel that has kept price in check since Nov. ’12. Break down below would be bearish for the foreseeable future. But since the count suggests this wave down is now in its 5th and last wave down, we may see a flush below and then reversal back in for a corrective bounce?!!? I’ve also inserted the micro count and tuesday-wednesday were indeed a perfect 4th wave triangle that did look bullish… 5th waves can either extend or truncated… I don’t bank on them so I’ll sit this one out.

nyse update 01292014 detail nyse update 01292014

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