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Sept 2nd, 2010: Update 3 – Mid-Day

Posted by pugsma on September 2, 2010

12:55 pm EST:  My 1086 target was hit and slightly exceeded (1087) for the end of wave iii-(1).   I’m looknig for  pull-back from wave iv-(1) to at least 1076 (23%) and maybe as low as 1064 (50%).  The mid-range target for wave iv-(1) is 1068 (38%) and is the most likely.  Wave 4’s typically will retrace between 23 and 38%, and 50% worst case.  The August Jobs Report released pre-market tomorrow (Friday Sept 3rd) maybe used as the excuse for the selling.  Just keep in mind that we must stay above 1061 to keep the current wave (1) going higher toward the 1094 to 1105 target area.  Also we are fighting the 1086 to 1094 gap resistance up here.

SP-500 15-min chart real -time link: http://www.freestockcharts.com?emailChartID=70cd9eae-2d05-4453-a58b-3bae9d63e1d1

SP-500 15-min chart (12:50 pm):

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