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Sept 1st, 2010: Update 3 – Mid-day

Posted by pugsma on September 1, 2010

12:45 pm EST:  Here is my road map for the next couple of days.  After touching 1071 (23% retrace) in wave 4-iii-(1), I’m looking for wave 5-iii-(1) to reach 1086 (if wave 5=wave 1).

IF you are still in the big bear camp, think we are going below 1011 and the drop from 1129 to 1040 was only wave 1-[C]-P2, then the retrace targets for this wave 2-[C]-P2 up are 50% =>1085 and 62% => 1095.  Note, this is my old bearish altnerate count for the continued P2 correction with targets in the 950 (50% of P1) and 870 (62% of P1) range.  I’m not a believer in this count any longer, but wanted to be sure and throw it out there for the bears.   I would only become a moderate believer again in this count if 1040 is breached to the downside.

A much more reasonable alternate count to consider if the wave [B] triangle where this move up to 1100 is the D-[B] leg.  Then we’ll get one more drop to 1060 to 1070 for the E-[B] leg.  Finally this triangle will resolve higher in a massive [C] leg bull rally going into 2011.  You can check out my daily chart for altnerate count (in blue).

SP-500 5-min chart real-time link:  http://www.freestockcharts.com?emailChartID=8d20b77b-338e-4282-9d5f-aa0af4ef77ae

SP-500 5-min chart (12:30 pm):

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