mclarens latest - jan 8th 2010

http://www.mclarenreport.net.au/articles/articles/225/1/January-08-2010-CNBC-SQUAWKBOX-EUROPE/Page1.html

Back on December 18th I indicated we were looking of a top but due to the index showing support at a high level it needed to be proven as the alternative was a vertical exhaustion upward to end the trend. On the 23rd it became apparent the index was going up through the holiday into the New Year. This left 180 day on the 8th as a possible top and another 90 block of time into the first of February. The trend has developed a little 5 wave structure to the advance since the December low and is the only indication this could be a high. On the 18th I indicated not to get too bearish as the index could exhaust. So lets look at an example of an exhaustion from this style of trend.

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