Wednesday, August 10, 2011

Technical Correction 08/10/11

So far, today's downtrend is a normal technical correction of yesterday's up wave. If the market goes below the 1113.75 low, it may test the 1077 low of yesterday. However, if the market consolidates in this 62 to 38% corrective range, we may see a third wave to the upside. Initial resistance is at today's pivot, which is near 1131.50.


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