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Thursday, July 22, 2010

Thursday 7/22/10 wrap up

The probabilities for Door #1 (see yesterday's post) increased considerably today.  Current preferred Elliott count looks like this:

Still holding long ES from yesterday, no change in stop & reverse for now.  As long as we stay above lower trend line and above 80 on the oscillator long position will be held.

 The 30 minute V Stoch is approaching overbought territory.  Also, the Buy line on the Buy/Sell tailed away into the close, so I would expect to see some consolidation tomorrow.  A hard sell off is certainly possible but not likely IMHO.

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