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Thursday, May 21, 2009

I Like This Chart a Lot Too.


EDIT: I edited the chart to say Y = 1.618 x W

This chart is more realistic than a bullish ride back to the 920's at this point. In fact I like it better. This aligns better with the technicals I think.

So keep an eye on those support resistance levels and how the market interacts.

What is clear is the 5 wave down pattern today. That can be linked to a C wave (the flat I showed in my update tonight) or the beginning of a 5-3-5 zig zag move that takes the SPX under 875.

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