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Thursday, October 21, 2010

Thursday Updates!!!

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8:10, The SPX made another high this morning, confirming the trend is indeed up. I have now put question marks on the red 2, besides the one question mark I have on the 5th. IMHO, this rally can no longer be counted as an orthodoxed Impulsive wave, there are just too many over-lapping corrective waves to be a real impulse wave. One reason might be because of the manipulation of the Treasury market from the FED has carried over to the equities markets making the shorter-term Elliott wave counting useless, or unreliable. Even so, the daily indications are still showing a topping process.
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The SPX has been alternating between short term bullish and bearish Fib fans. Now it is currently in a bullish fan.

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7:44, The daily chart of the SPX has a batch of resistance at the 1210 level, and is currectly riding on support of the gray Fib fan.

1 comment:

  1. Nasdaq has already taken out April highs.. So does it mean EWI's Primary wave 2 is not yet over?

    ReplyDelete