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Aug 18th, 2010: Update 2 – Morning

Posted by pugsma on August 18, 2010

10:30 am EST:  As I type this, the 13-day EMA is 1096.79 and the 34-day EMA at 1096.54, if the weakness continue today, there well be  a bear cross by the close today.

10:20 am EST:  Some early weakness and there was a quick back test of the 50-day SMA near 1086 this morning and hit held so far.  If this bounce up does not get past 1095, I’d be looking for more selling to come in.  It’s very possible that we are seeing waves i and ii of (1)-3-[C]-P2 for the alternate count.  I have a wave iii-(1)-3 target at about 1058 and a wave v-(1)-3 target near 1040.    Update d15-min chart and real-time link is below the alternate count labels and target area.

However, if the SP-500 can claw it’s way above 1100, then the primary count is in play.

SP-500 15-min chart real-time link:  http://www.freestockcharts.com?emailChartID=8c918e84-c800-4337-b5ff-a101c9ab8849

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

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