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S&P: 1140 Is Still Possible

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Aug 09 2010

S&P 500 fell sharply lower on Friday, before the prices reversed in the second part of the Wall Street trade. As scuh, the bullish price action remains in play, as the prices are still trading well above 1088 support region. A wave count shows that an ending diagonal could be forming in blue wave (C) position, with a red wave 5) in process. If that is the case, then move into a new high should be seen, but not higher tnan 1147 region! Why?! Because wave 3) must not be the shortest wave of a five wave sequence. We can see that wave 3) is shorter than wave 1), so it must not be shorter than wave 5), for wave count to remains valid!! Resistance is shown around 1140 region!

S&P 1h chart:




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