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Wednesday, October 20, 2010
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7:47, Resistance for the SPX is 1185.53, and support is at 1159.71, if we did have an impulsive five waves down yesterday, the SPX should retrace 38-62%, but since any valid five wave count down had to be a leading Diagonal, a 78% retrace not be out of the norm, so 1180 would be the maximum level for a 2nd wave up. The worrisome part for the bears should be the large gap from yesterday's open.