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Market Commentary 8Jan12

Market Commentary 8Jan12

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Published by AndysTechnicals

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Published by: AndysTechnicals on Jan 08, 2012
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01/08/2012

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Andy¶s Technical Commentary__________________________________________________________________________________________________
S&P 500 ~ Daily
The proposed c-wave within the triangle seems to have further to run. It¶s possible that it has alreadyconcluded but it would mean a very short -c-within c.
Unlikely 
. Prime targets for the -c-wave would be1293 and 1311. 1293 would the 61.8% of a-wave and would look like a ³double top.´ 1311 would be thelower degree -a-= -c-. The implications are for a triangle with upward-sloping bias.
(
B )³x´³z´e?
(
C )
a
-y--c-
b?c?
-c--w--x--a--b-
d?
-a--b-
REPRINTED from 1/2/2012
 
Andy¶s Technical Commentary__________________________________________________________________________________________________
S&P 500 ~ Daily
L
ast weekend, we put forward the idea that the New Year would start with a decent move higher. Mr.Market did not disappoint as the S&P 500 rallied 27 pts on the first day of the trading year. It still looks like ithas further to work higher but is now entering ³sell territory´ as the c-wave seems closer to completing.Targets remain 1293 or 1311 for the c-wave.
(
B )³x´³z´e?
(
C )
a
-c-
b?c?
-c-
d?
-a--b-
1284
 
Andy¶s Technical Commentary__________________________________________________________________________________________________
S&P 500 ~ 60 Min Short term Wave count
-a --b -
b
( 1 )( 2 )( 3 )( 4 )[1][2][3][4]
c
-c -
( 5 )
Trying to peg short term wave counts can be a foolish endeavor due the intraday µnoise.¶ This ismy best interpretation of the count up. We should get one more move higher to start the weekbefore trading down.
It seems like a ³bull trap´ is in the offing if we break above 1293, the10/27/11 high.

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