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Monday, October 1, 2012

Monday

This is how I have been drawing the fork
 
Breakout toward target?

The wedge from July appears to have completed in a capitulation.  The red downward trend line appears to be holding which indicates the sell off has begun, but the breakout shown above is bullish.   I'm not sure which drawing of the fork will prove correct. 

If today finishes with a long white candle the candlesticks will confirm a buy signal else the indication will be to hold the short sale from almost 2 weeks ago when the market was at 1453.

I am feeling less inclined to keep the 1490-1520 target, but I still see it as possible.  Today may give more clues.  I have felt that the market would show a stronger blow off at the top with a swifter reversal, so I am not letting go of the higher target just yet.
  This chart from Jerome Hickerson.


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