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A swing high was formed in October when November dropped below the October low. The November high was exceeded last week to form a swing low, indicating higher prices are possible as prices rise to a swing top that could exceed the previous swing top. Failure to exceed the October swing high at 135-08 and a drop below a previous month low would be confirmation that the 3 and 6-year cycles has topped.

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There is a risk of loss in trading futures.

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