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Feb 15th, 2011: Update 2 – Morning

Posted by pugsma on February 15, 2011

9:55 am EST:   Here is a quick morning update in order to provide the real-time chart links.  Classic small bearish rising wedge break-down this morning.   Theoretically the drop should target the base of the wedge at 1323.51.  But in this strong bull market, dips rarely drop to their theoretical targets as the dip buyers get anxious to make a trade.  For the alternate count (blue) I’m looking for iv-(5) to hold the 23% retrace area of 1324 or the 38% retrace of 1319.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=694847b4-a6f2-473e-a508-9b027405941c

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=a8b12563-c32e-4da2-aac8-94e486b77cec

SP-500 5-min chart (9:46 am):

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