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techcharter

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techcharter

Re: None

Tuesday, 08/12/2008 10:28:17 PM

Tuesday, August 12, 2008 10:28:17 PM

Post# of 51819
E-wave SPX and Indu

My original thoughts last week for these indexes was a zigzag off the July lows, and wave c was shaping up to be an ending diagonal. I may have been premature. I'm thinking today was wave d of the ending diagonal. wave e will take us into reversal Thursday.

The VIX too looks like there is and ending diagonal forming. wave e will take the Vix down (Market UP).

The ABX index hardly budged today despite a larger market selloff. This is nonconforming behavior. It suggests the markets will bounce back from todays selloff.

The NDX was down a fraction. This too is a nonconformation. NDX looks like it wants to finish wave 5 of c tomorrow.

After that I'm looking for a turn lower to kickoff Wave 3 of 3 that will last 6-8 weeks.
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