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Thursday, May 13, 2010

Market Update - 5/13/2010

We got within 3 points of the 1176 pivot today. The past couple of days have been very choppy to the upside. A lot of overlapping, so for now this implies that the move up is still corrective.

The primary count is that we could be in an ending diagonal for the final stages if Minor wave 2.
I have it marked as today being the top due to the down move at the end, however interals didn't reall suppor the strong move in price. The alternate is listed there as today's low being the end of subminuette wave iv, with wave v coming within the next few days to perhaps test 1176 or 1181.

Again, just keep an eye out for the key pivots for tomorrow. 1150 to the downside and 1176 and 1181 to the upside. Breaking either of these will set the trend.

Sorry for not posting much, I have some things going on. Thanks!

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