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Sept 1st, 2010: Update 5 – EOD – Bull Run

Posted by pugsma on September 1, 2010

9:50 pm EST:  Anyone who doubts that the US Fed can and will spur a Primary Wave 3 (P3) up in equities should read today’s Bernanke Out of Bullets, But Not Bombs article from Micheal Pento at Safe Haven.

5:00 pm EST:  Hallelujah Bulls !!!  Enjoy this video performance tonight by Allison Crowe.

4:50 pm EST:  Well, I booked some monster profits today going LONG on the wave 2-[1]-P3 bottom call that kicked off gradually from the 1040 suppport area as a wave i and ii  running flat for the start of (1)-3-[1]-P3 up.  You had to be patient with buying the dips near 1040 and have nerves of steel with each successive test of 1040, but for those that stayed the course, today was PAY DAY! 

If you want to get in the intra-day analysis and conversation in the comments section, then why not sign up for the premium service at $40 for the months of Sept and Oct.  It’s not too late to join.  Drop me an e-mail at pu_gridiron@yahooo.com to get started.

The primary count is that the SP-500 is still in a 4th wave triangle of iii-(1) here at the end of today and I’m looking for the 5th wave of iii-(1) to hit 1086 tomorrow.  The 20-day and 50-day SMA is 1081 and is providing resitance here.  There is also a potential inverse head and shoulder pattern on the 15-min chart with neckline at 1081 (as my good buddy Springheel_Jack pointed out).  The target is 1122 for this IHS.  This is right at the 1121 gap area.  There is also a larger IHS on the 60-min chart with neckline at 1131 and target of 1251.  It looks like we could do an fashioned boot-strap jump from one IHS to another and break 1081 then 1131 and head to 1251 by the end of the 2010. 

One potential road block is the downward sloping bear channel trendline (purple) off the 1220 April high, as seen on the 60-min and daily charts.  This trendline is at 1115 today and dropping 10 points per week.  It will be at 1105 by mid next week.  There should be a big battle zone area around 1105 and it is where I have this current wave (1)-3-[1]-P3 ending.  We’ll like need to retrench from 1105 to about 1070 before push higher towards 1131 by late Sept and then 1251 by the end of 2010.

SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

SP-500 daily chart (EOD):

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