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Aug 13th, 2010: Update 2 – Morning

Posted by pugsma on August 13, 2010

10:50 am EST:  Here is a quick look at the 5-min chart.  If this a triangle wave (4) of C, it needs to break-down about right now to the 1071 target area.   If not and the 1077 low from Thursday was wave (5) of C, the SP-500 should start to turn higher the rest of today.   The later would be be very bullish, as the SP-500 would like recapture the 50-day SMA at 1088.

SP-500 5-min chart (10:45 am):

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