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Aug 25th, 2010: Update 3 – Mid-Day

Posted by pugsma on August 25, 2010

1:30 pm EST:  So far the bounce off 1040 is unimpressive.  It hasn’t even closed this mornings gap at 1051 year.  The bounce may indeed be a wave ii-(3)-3-[C]-P2 as shown for the alterante count in red.  In which cased this bounce should finished up inside the yellow down channel line below the 1057 level in a simple a-b-c Zig-Zag.   The next move down would be a nasty iii-(3)-3 wave.   It would bust out the bottom of the lower purple channel line, as a iii-(3)-3 wave will often do, and head for 1000 to 1011.   The weekly jobs data on Thurs and revised 2nd Quarter GDP on Friday morning could be the catalyst if the news is really bad.

The primary count will need to gain some momentum this afternoon and close all the major indices in the gree today to be convincing that a tradable bottom has been put in at 1040.  As I stated early, the primary count needs to break the 1067 gap in the next couple of days to be convincing.

SP-500 15-min chart real-time link:  http://www.freestockcharts.com?emailChartID=59c6accd-a4c6-4029-b79c-1f376e7ffc7c

SP-500 15-min chart (1:15 pm):

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