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Aug 12th, 2010: Update 2 – Morning

Posted by pugsma on August 12, 2010

10:55 am EST:  It’s trying hard to escape the bullish falling wedge near 1085.  The wave 2-[1] low “could” be in at 1076.  Green Day?  🙂

SP-500 15-min chart (10:50 am):

 

10:30 am EST:  Looking at the 60-min chart the lower channel line is near today’s 1076 low.  However, I’d still like to see a little under-throw and a 1070 to 1072 gap fill before the move higher.  Let’s see how it plays out today.  There are some of postive divergences (i.e. Copper) starting to show up indicating that the low for wave 2-[1] maybe near.

SP-500 60-min chart (10:15 am):

9:50 am EST:  Bullish falling wedge with a bottom near 1070.  It would be a real shame if don’t close the 1070 to 1072 gap on this wave 2-[1] move lower.  So watch for it to close that lower gap, after an initial bounce up this morning.  Target is the 50% retrace fo wave 1-[1] at 1070.

SP-500 15-min chart (9:45 am):

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