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Thursday, December 16, 2010

Thursday Updates!!!

1:57, updates for after the close are going to be running really late today, my main computer was infected with a virus this morning so I am in the process of finishing up the cleaning of my files.

Gold is one of the big movers this morning, down close to 24 Dollars with a LOD of $1361.60. Gold needs to break down below $1329 to make a lower low from the previous one made on 11/16.
Click here for a live, and updated chart!!!
I added the 3-4 combo in blue because this sell-off has characteristics of a corrective wave with lots of overlapping structures. The STO is already in extreme over-bought territory and the RSI is not far behind, this suggests that the SPX is ready to bounce and head higher for a couple of days. I am keeping the target for the 5th wave in the 1250-55 range, the longer this 4th wave takes to playout, the higher that level becomes.

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