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Sept 15th, 2010: Update 3 – Mid-day

Posted by pugsma on September 15, 2010

12:35 pm EST:  I’m sticking with the i-ii, 1-2 beginning to wave a-(2) down.  I can see a count (c=a) that gets wave 2 to about 1125/1126 this afternoon, before the next drop.  The drop will likely be triggered by a disappointing weekly jobs report tomorrow morning.  The expectations have now be ratcheted down to 450K on initial claims.  Another 480K to 500K report tomorrow will likely trigger the next move lower.

SP-500 5-min chart (12:30 am):

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