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Sept 3rd, 2010: Update 4 – Afternoon

Posted by pugsma on September 3, 2010

2:05 pm EST:  This is one impressive wave iii-(1) up, is it not?  The perma-bears that loaded 200% to 300% short at the 1040 to 1060 area on the perma-bear blog’s call of a wave iii of (3) of 3 headed to sub 1000 by Labor Day are gettting crushed and panicing with each push higher.  I find it fascinating that these perma-bear blogs could get it so wrong.  And yours truly called 1105 by Labor Day.  🙂

Well, I’m seeing a double negative divergence between the MACD and price on both the 5-min and 15-min charts.   So, the perma-bears should catch a break and get a slight pull-back here pretty soon.  If not today, then early next week.  Still thinking we should stay above 1081 (and maybe above 1090) on any pull-back before making a wave v-(1) push towards 1110 to 1115.

SP-500 5-min chart real-time link:  http://www.freestockcharts.com?emailChartID=bafff296-8789-4228-afca-acc75b42a572

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=78f09132-9592-4be8-84a1-77a4bc29fe21

SP-500 5-min chart (2:10 pm):

SP-500 15-min chart (1:55 pm):

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