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Thursday, October 28, 2010

Thursday, After the close!!!

BKX is still sitting on last support of the final bullish Fib fan, a break below here could be large, minimally opening the doors to a challenge of the August's low.
After the close, That turned into an uneventful day, with the SPX closing up 0.10%, on flat Breadth that closed at a whopping 1.03:1, advancers. The SPX never did make it back above the thin green median channel line to make a run towards the high. The 1-2 down, in question marks is a low probability count because it is a very rare Elliott wave pattern. The Expanded Leading Diagonal count is still valid until the SPX retraces 100% back up to 1196.14 making a new high. The other option is a continuing mess of corrective waves that have so many possibilities that trying to come up with a prefered count is useless. Stock Charts does not have enough a-b-c's available in their annotation feature to label the squiggles from where the over-lapping corrective waves started back on Sept 20th.
1170.70 is really becoming a very important level of support. The market is weak as evidenced by the inability of the bulls to make a decent break-out to the upside, only dragging out the inevitable. In the recent past, the end of the month has been a prime time for major trend changes so this may get resolved soon.
**We are quickly approaching the end of the month, and it would be nice if we could increase the number of Donations to the Community Fair, so if you have not donated yet, please consider helping out!!!

1 comment:

  1. Hey Michael,

    Just a quick note to say I appreciate your work, and only just discovered your "check these out" links...

    Thanks mate, been looking for some of this information in succinct form for a while :)

    ;)

    ReplyDelete