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Saturday, September 17, 2011


Characteristics observed are smaller bars, decreasing volume, and price finding resistance at this low volume range.
Price is approaching the center trend line of the blue downward fork originated 5/2/2011, and odds favor a turn after 5 positive days.
The 14 bar Percent Change has steadily dropped off and is close to zero while price continues to exceed the 0.8 sigma of a 10 bar  hlc3 standard deviation for both daily and hourly charts.  The Keltner channel has crossed the Bollinger Bands on both the daily and the hourly charts leading me to believe the market is ready for a very sharp downward correction.. 
There is support in the 1170 to 1177 area, and then in the 1111 to 1127 range.

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