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Monday, August 9, 2010

E-minis [Update 3:10PM]

[Update 3:05PM: I'd say the prevailing conventional wisdom is we will have an elevated market at least until the Fed statement tomorrow. 

How about we just start selling now?

1129 high on the SPX confirms a larger 7 waves up from the 1010 low. 7 waves is considered a corrective pattern.

The problem is, if they can break 1131 resistance, the next resistance is probably mid 1140's.
Potential squiggle count, but take it with a grain of salt....
Slowly getting there.
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