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Tuesday, August 3, 2010

Market Update - 8/3/2010

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Today seemed like a consolodation for more upside to come later in the week. The down move was not impulsive, internals and the wave structure both support that.
We could get another test of 1115 before heading back up. If 1115 does break, then 1105-1100 must hold other wise it's not good news for the bears.

Both counts again are basically the same for now, but the 2nd count is starting to make a little bit more sense now. Either way, the outcome will be the same.
1115 and 1105 are the key pivots to the down side going into tomorrow. For the upside, watch 1131-1135.

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