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Sept 13th, 2010: Update 3 – Mid-day

Posted by pugsma on September 13, 2010

12:35 pm EST:  There are 5 waves up from 1105 [e of iv-(1)] to 1124.  The drop from 1124 is taking on an impulsive look thus far and could be an a-wave for wave (2) correction down.   The VIX has now gone positive on the day.  It’s possible we have seen the top of wave v-(1).  The SP-500 will have to hold above the 1110 to 1113 gap to keep open the possibility of a new wave 5 of v-(1) high above 1124.  This new high above 1124 will be my alternate count if the gap holds.  Keep a close eye on the yellow trend-line on the 5-min chart.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=03754d31-29ee-4382-bb2e-2ba908b3e6b2

SP-500 5-min chart (12:20 pm):

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