Market Update Tuesday 4/12: SPX Projection 1305-1310

April 12, 2011
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With the futures down this morning the SPX will likely confirm the break of it’s short term HS top, neckline 1324.5. This will complete the wave 5 structure we were looking for (see 4/8 Elliott and Current market video post). Support now the general area of wave 4, with the  daily 50ma at 1314, the HS projection of 1310 and the 38% retracement at 1305. The Int Term OBOS osc points to at least a short term low in this area.

 

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