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Aug 24th, 2010: Update 2 – Morning

Posted by pugsma on August 24, 2010

10:30 am EST:  With the breach of the head and shoulders neckline below 1056, the likely first target for this move lower is now the 1040 area.  It looks like only 3 waves down so far from the 1081 high yesterday morning, so I’m expecting a back test of the 1056 neckline for a 4th wave then a drop towards 1040 in a 5th wave.  This would be the end of wave v-(c)-2-[1]-P3 of the primary count or wave 1)-3-[C]-P2 of the alternate count.  I’m not going the switch the two counts until the end of the day when I have more time.  But it suffices to say that the alternate is more likely at this point, unless we put in a big run higher today and regain the level above the the 1056 neckline.

SP-500 15-min chart reall-time link: http://www.freestockcharts.com?emailChartID=ae312c56-0673-4f3b-a7a2-035911caef08

SP-500 60-min chart real-time link: http://www.freestockcharts.com?emailChartID=b612373c-38c4-4f3a-85f7-c5b6a1d5af51

SP-500 15-min chart (10:20 am):

SP-500 60 min chart (10:20 am):

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