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Nov 18th, 2010: Update 2 – Morning

Posted by pugsma on November 18, 2010

10:20 am EST:  The wave A-(a) of 4-[1]-P3 is unfolding rapidly.  Buyers are panicking to get “back-in” on the long side of the trade and shorts are covering.  The 1195/1197 gap has been closed.  The upper down channel line has been busted.  I’m looking for this wave A to possibly reach 1203 today.

SPY Max Pain is 191.0 or SPX cash of 1187 and SPY Current Pain is 121.0 or SPX cash of 1207.  Good chance of Current Pain playing out on OPEX AGAIN !

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=2e91db3b-e2c4-4e26-8618-ae2f76672720

SP-500 5-min chart (10:15 am):

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

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