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Wednesday, August 19, 2009

After the bell, update



This is the bearish option, a 1-2, 1-2, down pattern developing. My 3-4 count from yesterday was invalidated when wave 4 entered wave 1 this morning, this is a really bearish pattern here, that most likely would take out the trendline from 666, and signal that we are indeed in P3 down. There is some heavy support at 982-985 (red line), that I believe we will test, and if broken could very well give further evidence that P3 is underway. Notice that the indicators are top heavy, and rolling over in a down trend now, with very little top-side left, and lots of room the the bottom end. Tomorrow I will talk about the bullish options, yes, I really do have some and believe right now the safest bet is in cash. We are at a cross-road right now and we need more price action to reliably pick a side. I picked the bearish option today because everybody else is doing a bullish count, best to see both sides!!

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