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Friday, December 10, 2010

Friday, updates!!!

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There is a lot of support, but very little resistance on the Daily Fib fan chart.
So far a quiet morning on the SPX with only a 4 point trading range, however Gold is down $14.30 and Silver down $0.54.
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This 5th wave has gone on long enough now that the odds that this is only the 1st wave of the 5th are quickly diminishing. The SPX is also close now to the resistance of the upper channel line and the RSI is diverging, that is, not making higher highs as the SPX is, another sign that momentum is waning.

1 comment:

  1. Bollinger band on 4hr /DX (Dollar) chart very tight! Most likely a very strong move coming. Now lets see which side.