Jamie's Pick: 08/12/11
The decline from 11064 (truncation to that level) is an impulse and expectations are for a drop below 9927 before we see a more substantial recovery. I favor the idea that a secondary top is in place at 10412 as the decline from that level is an impulse (see 10 min chart). Exceeding 10443 would shift focus to 10525 and 10630 – levels at which I would be willing to attempt shorts again. An eventual low could form near the March low (9705) and 61.8% extension of the decline from 11064 or 50% retracement of the rally from the 2010 low at 9575.
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