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S&P 500
5,473.17
(
-0.25%
)
US TECH 100
19,283.60
(
-0.64%
)
Dow Jones
39,134.76
(
0.77%
)
Brent Oil
84.90
(
-0.13%
)
Bitcoin
64,890.43
(
0.11%
)
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techcharter

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techcharter

Re: techcharter post# 45802

Wednesday, 08/10/2011 4:31:48 PM

Wednesday, August 10, 2011 4:31:48 PM

Post# of 51804
Zig Zag Truncation.

As I typed my last comment, the markets were just finishing wave c of a zigzag. I expected wave c to end at or higher than wave a, yesterday's close. wave c truncated by a measurable amount. The next down wave is waterfalling. These observations tell me:

1.) The market is extremely strong
2.) The market is not going to bottom soon.
3.) This bounce was more likely wave 2 of something, not wave 4 as I anticipated.


Tomorrow my call for a gap down and sell will likely occur, placing the wave count in the 3 of 3 category.
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