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Sept 13th, 2010: Update 1 – Morning

Posted by pugsma on September 13, 2010

10:40 EST:  Here is a a look at the 60-min chart.  It looks poised to complete wave (1) here between 1124 and 1130 and then held for the 1090 to 1094 gap in a wave (2) retrace some time late this week or early next week.

SP-500 60-min chart (10:35 am):

10:00 am EST:  The SP-500 has already closed the 1117 to 1121 gap from mid-August, after hitting 1122.02 in the first push out of the ascending triangle.   What would be best for the bulls here is a slow and steady climb the for a couple of days towards the 1130 level in a wave v-(1) completion, while holding above 1115.  An immediate fall back beneath 1115 (200-day SMA) would not be a bullish outcome to the ascending triangle break-out and could signal a deeper wave (2) retrace.

On the 5-min chart you want to watch the lower yellow trend-line from the ascending triangle. Any break below that line could signal the end of wave v-(1) and the retrace of wave (2) has begun.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=55d75ef5-1a91-49fb-9f0e-b80355eea4e7

SP-500 5-min chart (9:50 am):

SP-500 15-min chart (9:50 am):

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