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Thursday, January 20, 2011

Thursday Updates!!!

9:41, A standard correction for a bullish count(1-2, up) would still have the SPX retracing 38%, or down towards the 1187 area, which would still be above the last 4th wave(red). 10% over-all, but there is a lot of support to break thru to get down to this level.
8:27, The SPX has now hit strong support of the 20 day MA, if a short-term bounce is going to happen, this would be a great spot, other-wise, next support is now down at the 50 day MA at 1237.31, wow, that would be a large drop, but not out of the question. The squiggle count on the SPX is already becoming a mess.
8:14, There is now a solid break below the lower channel line that started back in August on the Russell, putting that uptrend in SEVERE jeopardy, with odds running high that an important top is now in.
Click here for a live, and updated chart!!!
8:01 Here is a more bearish count, the 1-2, 1-2 down, this does need a total breakdown in the SPX right now for the iii of 3 wave, and Breadth is not supporting this idea right now, only running 2:1, decliners, but stranger things have happened during the last few weeks, and tomorrow is OPEX, it might be time to tighten those seatbelts for a wild and crazy ride.
Silver futures broke below support this morning, down 4.76% on the day, The Trendfinder nailed the top in this one. Gold is currently down 1.87% and oil is down 2.74%, although the Dollar is up only 0.35%.
Click here for a live, and updated chart!!!
7:35, In the larger picture, resistance is now from the black lower channel line where a back-test would be a normal occurrence. Support is now down in the 1270 range from the heavy green channel line and the 20 day MA which is currently at 1271.71. The Indicators are over-sold at this point so a short-term bounce should be expected. Click here for a live, and updated chart!!!
The SPX so far has nine waves down giving us an impulse wave, I labeled it as an extended 5th, instead of an extended first because an extended 5th is more common, and extended 1st waves are rare, however, in the larger picture it is a mute point at this stage, IF this count is even correct, the SPX could keep impulsing down giving us a very short 2nd wave retrace.
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