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Tuesday, August 31, 2010

Tuesday's intra-day updates

8:20, The weekly chart of the SPX is now clearly showing the 20 week MA having crossed over the 50 week MA leaving all three of the major moving averages in a bearish long-term configuration. Also of note are the two indicators at the bottom, the STO and RSI are still trending downwards. All signs on this chart are pointing to a repeat of late '08.
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7:06, If the SPX is tracing out the final "E" wave of the 4th, it would also be making a nice head and shoulder set-up. The head would be 25 points so the resulting sell-off would bring the SPX down to 1015 for the 5th wave.

3 comments:

  1. Very good stuff. change 1115 per 1015 you have a error. Cheers.
    I`m carlos from http://followmarketrend.blogspot.com/

    ReplyDelete
  2. Another 1,2 down instead of wae 4/ triangle - with todays action ABC (C being an ED)?

    ReplyDelete