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Tuesday, July 20, 2010

Tuesday updates

If the SPX does take out the trendline, this would be the only bearish option left. A Leading Contracting Diagonal, and yes, it does follow all the rules, with the 1st wave being the largest, and the 5th, the smallest.
After the close, The Bulls took the ball and ran hard with it today, taking the SPX very close to the extreme, and a couple of points from a major trendline challenge. Time for the SPX to sell-off hard in the iii of 3rd wave down, or it will be time to go with the optional count (LD).
Breadth for the day ended at 4.42:1, Advancers, which is a strong day for the bulls, but not extreme as we have seen in the last couple of months.
The SPX still has the 50 day MA as resistance at 1088.53, but did close above the 20 day, at 1067.81.
This week is VERY busy for me, I will be donating many hours down at our local fair grounds to ensure all the kids have a great fair, please bear with me as time is short, and the updates are not going to be as detailed as I would like them to be. Next week, things will return to normal!!!
The BKX has been great to work with because it has done a fantasic job of respecting the Fib fans. It has recaptured the bearish fan, and is now dropping onto the support of the bullish fan. Very important for the bulls to hold this support, as a drop below will really up the odds that a new low will be put in before it hits its next spot of support.
Click here for a live, and updated chart!!!
7:24, The SPX continues to make lower lows keeping the trend down as it took out the previous low of 1058.24 from the last rally, I still have two options going on the micro-count for the current sell-off, one in blue, and one in gray. The RSI does support the gray option, because the extreme readings lines up with the 3rd wave, but that large gap down, and lack of a decent 1-2, support the blue count. So far this morning the Russell has not made a lower low as the SPX has done.

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  2. should not be the wave 3 instead of 2?

    ReplyDelete