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Strategies & Market Trends : Classic TA Workplace

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From: Henry J Costanzo	10/7/2012 11:19:35 AM
	2 Recommendations of 209892

SPX EW… My charting software up and running again…EXCEPT that I have no intraday charts for any stocks on Friday…and I have nothing at all for SPX on Friday. So I have drawn in Friday's SPX action myself, based on quotes published elsewhere, which showed a close of 1460.93…The 1461.40 shown on the right, and the OHLC data at the top, are still for Thursday.. I'd see two alternative possibilities here: …..Corrective 4 down completed on 9/26 and new impulse up launched…or… …..a down of 4 down completed on 9/26….with b-c still to come….forming a flat or a triangle to complete the corrective 4.. Based on EW alone, I'd tend to say the triangle alternative is the more likely here, but my TA read…based on a completed bullish pennant…would suggest a smaller pullback …

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