Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
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Friday, August 5, 2011

S&P500 5th August 2011

 Daily Chart

 Changed the candle colors to show what a bloodbath it was yesterday! The break from the head and shoulder pattern and uptrendline from March 2009 lows is certainly decisive. Target of the H&S pattern of  1150 looks achievable.Other lower targets are 1130-1100 , fibo retracements as shown on the charts.

Resistances on a pullback are at 1215-1223-1231-1238-1258.

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Happy Trading !!
Lakshmi Ramachandran

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