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Wednesday, July 27, 2011

The March 2009 trend line sits at about 1260 right now.
The March 2009 fork sits at about 1285.
Either could the the next support. 
The trend line from June 26 was broken.  It passed through at 1305 today.

I'm thinking 1285 as the target, otherwise the small Blue Down Fork will not have symmetry.



The TICKS never improved enough to go long and the bounce came at the 50 DMA, and more importantly the handle of the Blue Up fork(dash line).
I've continued to refine the fork positions and added this small Blue Down fork.  A break below the 1305 area could take us to 1285 with some support near 1295.

But I'm looking for a break out of consolidation to 1325.  1305 and 1325 have become a very important levels.




I'm closely watching the TICKS in anticipation of a bounce off the 100 DMA.
Expecting consolidation between the 100 DMA and the 20 DMA.
If not the 1305 area will offer support.

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