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Aug 11th, 2010: Update 4 – Afternoon

Posted by pugsma on August 11, 2010

2:20 pm EST:  There are a lot of reasons to start looking for a bounce at this 1088 area.

  • 38% retrace of wave 1-[1] is at 1084.
  • 50-day SMA is at 1088.
  • A potential small bull flag is forming on 15-min chart.
  • And of course there is a potential 5-waves down for C-2-[1].

Also, there is a an interesting looking potential head and shoulder pattern with a neckline near 1088 that could produce a right should bounce up to fill the open 1117 to 1121 gap.  This head and shoulders projects to 1047 if the 1088 neckline breaks after the left should bounce higher.  The H&S target matches the alternate count for a deeper wave 2-[1] retrace of between 62% (1056) and 78% (1037).

SP-500 15-min chart (2:10 pm):

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