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Sept 1st, 2010: Update 2 – Morning

Posted by pugsma on September 1, 2010

11:40 pm EST:  Here is the updated 60-min chart.  Note that I added in the large bear channel (purple lines) off the 1220 April high.  The upper line of this channel is at 1115 today and falling about 10 points per week. Next week it will be right near my 1100 to 1110 target for wave (1)-3-[1]-P3.  A break above this channel line puts the perma-bears P3 down count (i.e. their is the exact opposite of my P3 up count) in a world of hurt.   There is an open gap to fill near 1121.  And a break of the large inverse head and shoulders neckline at 1130 triggers a move to the 1251 target.  So the bulls have some tastely targets up above. 

SP-500 60-min chart real-time link: http://www.freestockcharts.com?emailChartID=b80a84e7-16ec-4d06-b49d-1ff305330fb3

SP-500 60-min chart (11:40 am):

11:10 pm EST:  Does everyone remember my comment that after a “running flat” correction the move can be “explosive”.  I know some doubted at my primary count running flat correction labeling for wave ii-(1)-3-[1]-P3.   But it now appears to be correct.  Also, the triple bottom break-out of the 1070 to 1040 ranage has a target of 1070 + 30 => 1100.

The SP-500 is bumping up against the 50-day SMA at 1081.  I expect this wave 3-iii-(1) to end here and retrace beween 23% and 38% for wave 4-iii-(1) with targerts between 1065 to 1071.  Wave 5-iii-(1) is targeted at the open gaps between 1086 and 1094.

There should be no break back below the 1057 pivot if this wave (1)-3-[1]-P3  is going to reach 1100 to 1110.

SP-500 15-min chart real-time link:  http://www.freestockcharts.com?emailChartID=0eed66ff-7fba-4ecc-9488-59b9d4f9ab79

SP-500 15-min chart (11:00 am):

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