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[eminimee]

Internals stink and this count on this first OEX chart is still alive....I think if this is any good , oex shouldn't get back above the 708 area and then will take out 695/97.50 with vengence...........HOWEVER....the vix:spx is the one powerful arguement for a wave 2 bottom on an ED .......and throw the rest of the internals out the window.
Bottom line.....I think it's about holding or breaking the 697.50 area and looking for holding or breakdown below noted support on the spx:vix ratio. I also have some wierd stuff I use..but watch that 272CCI ...that's going to be a big "TELL" if it finds support or breaks down. If we close back over SPX 1525.50 ...the ED is alive and well. I will say that I'm leaning towards the more bearish version is that ( a very small point....I think it's quite meaningful to the count)...OEX made a new high to finish a 5 when spx didn't confirm at the top. I'm flat a waiting for a set up and a bit more information.





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I've marked every bottom that we've made on several support points....TL's from both the Oct. 02 low and the Aug 04 low and the 377ema ....the TL connected to the Aug 04 bottom would be the last resort support...below there and things could get ugly.



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Edited by Teaparty, 25 July 2007 - 07:05 AM.

[eminimee]

Live charts if interested in following

http://stockcharts.com/c-sc/sc?s=$OEX&p=D&yr=2&mn=8&dy=0&i=p30596725455&a=104688425&r=9679.png

http://stockcharts.com/c-sc/sc?s=$OEX&p=60&yr=0&mn=5&dy=16&i=p53407421805&a=107003689&r=8931.png

http://stockcharts.com/c-sc/sc?s=$OEX&p=60&yr=0&mn=6&dy=3&i=p52835448895&a=81733615&r=7787.png

http://stockcharts.com/c-sc/sc?s=$SPX:$VIX&p=W&yr=10&mn=6&dy=0&i=p45886761752&a=112837588&r=3698.png