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Jamie's Pick: 09/20/11

Jamie's Pick: 09/20/11

2011-09-20 14:52:00
Jamie Saettele, CMT, Sr. Technical Strategist
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I wrote yesterday that “keep in mind that with 5 waves possibly nearing completion from 10763, the probability increases with each tick lower that a corrective advance will get underway towards 10400.” Objectives at 10110 and 10030 were not met and the rally from the low is constructive. Expectations over the next several days are for a correction of the decline from 10763 to unfold. Resistance is 10390 and 10450-10525 (50%-61.8% Fibonacci).

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