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Monday, October 18, 2010

Monday updates

8:09, "Up" volume is decreasing as "Down" volume is starting to increase, if down volume over takes up volume that would become bearish for the equities markets.
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7:09, The lower channel line on the SPX is still acting as support, and until a break occurs down thru it, odds are better that the SPX will continue to print higher highs. The Trend does remain up as the SPX also has yet to print any lower lows. The squiggle count is back to a big mess of over-lapping complex corrective waves that make a reliable count not much more then a guess, and when that happens it is best to put the EW on the back burner and spend your time looking at all the other technicals. Trading on Elliott waves in corrections in fruitless as the odds are much better to trade the impulses only, and then stand aside when the counts are corrective.

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