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Sept 10th, 2010: Update 4 – Afternoon

Posted by pugsma on September 13, 2010

3:20 pm EST:  Looks like a corrective wave.  Either its’ a wave 4 of v-(1) that will hold above the yellow line at 1113 to 1115 before making a new high above 1124 (likely around 1129) in wave 5 of v-(1) .  Or it’s already begun the waves i-ii of a-(2) down.  In which case it should be headed for about 1105 for wave a-(2) and down to 1092 for wave c-(2).  For this second count it can’t climb above today’s high of 1123.87 and remain valid. And for the first count it needs to hold above 1111 to remain valid.

SP-500 5-min chart (3:10 pm):

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