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Thursday, February 11, 2010

S&P 500 - Possible S/H/S top setting up as wave 2



My count favor that wave 2 of wave B finished at 1,079.13, which was just below the 61.8% retracement of wave 1 and we should now be in the very early stages of wave 3 down. A break below 1,056.56 would confirm wave 3 is in motion.

I do look for a decline in wave 3 to at least 981.67.

The picture is the same for DJI by the way.

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