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Hold on Tight!

Sep. 01, 2010 11:30 AM ET
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aarc's Blog
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The bulls succeeded in making a i-ii-iii today making it 90% probability a iv-th and v-th waves will follow for a potential 1st wave or an A-wave up:

- img40.imagefra.me/img/img40/7/9/1/aarc/f...

Since the v-th of the C-wave down truncated; it is expected Spx should be able to reach and/or break above the B-wave with relative ease.

IF spx cannot break above 1095.18; then more likely the whole run down is a 1-2-3-4-5 instead of an A-B-C.

Future price actions will confirm or deny what actually happened in the past. So it is necessary to qualify and quantify each succeeding price action to reduce or eliminate potential pitfalls and not get caught inside a vortex of uncertainties.

Good Luck!

3:00 pm Update:

- img02.imagefra.me/img/img02/7/9/1/aarc/f...

Tread with Caution.

IF Spx suddenly goes down and breaks below 1057 then most likely the i-ii-iii impulsive rally on intraday chart is a failure.

Friday 10am Post Jobs Report Update:

Not good but not so bad Jobs Report today.

Spx is testing the multiple trendline resistances early in the morning. Tapes are strong but maybe too strong:

- img40.imagefra.me/img/img40/7/9/3/aarc/f...

This is not the ideal place to maximize profits, but this is one of the right places to take some profits off the table.

I sold my ES and YM September contracts into this rally. ES still got 1108 as 1-2-3-4-5 target at the top of the run (using 6765 tick chart) but better be sure than sorry in preparation for the weekend.

Also sold some SSO and FAS using a 5min divergence sell signal. Will sell a little more if ES is able to reach the major fibo confluence level of 1108.75 on 240min chart (or there-abouts).

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