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Thursday, August 26, 2010

Thursday updates

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7:38, There is now enough data available to add a set of bullish short-term Fib fans, the SPX would still need to break-thru three older bearish fan lines to free itself of all the short-term bearish fans. If this is indeed a 2nd wave up, when the SPX finally breaks down and out of the bullish fan it is a great sign that the up-trend is also finished up.
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7:23, I adjusted the counts this morning, at the close yesterday I was not 100% satisfied that the rally was a 4th wave because it had the shape of a sharp corrective 2nd wave to it, not the flat correction that would favor a 4th wave. This count works much better.

7:03, The SPX appears to be back-testing the long-term trendline from the bottom, since this bottom everytime the SPX has fallen below the trendline, it has failed to recapture it as support turned to resistance.
**The Trend finder had three buy signals triggered at the open, moving it to 25% bearish, if you interested in quicker notifications of any changes, please add yourself to my twitter link. It is much faster and easier for me to send out a twit ASAP, compared to getting the blog updated, especially when the market is moving fast.

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