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Aug 24th, 2010: Update 3 – Mid-day

Posted by pugsma on August 24, 2010

1:15 pm EST:  There are some very interesting trendlines to watch on the daily chart.  We are testing the lower light blue bull channel line today near 1046.  A strong bounce from this area sets the right shoulder of the inverse head and shoulders of the primary count.  Or the start of the D-leg up of the alternate count (in blue) for the [B] wave triangle.  A break of the lower light blue line sets up a double bottom test near 1011 and at test of the lower yellow channel line support.  However, this break below 1040 also could confirm the large head and shoulders with a target near 870.  Certainly beyond 1011, lies the alternate count (in red) that should test 950 or even 870.

SP-500 Daily Chart (1:15 pm):

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