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Sept 15th, 2010: Update 5 – EOD

Posted by pugsma on September 15, 2010

4:20 pm EST:  Another boring day after the opening plunge down to 1114 to break the bearish rising wedge pattern. The rest of the day was  a back-test of the rising wedge broken trend-line. The SP-500 tagged my 1125/1126 target for the back-test that I established this morning.  Primary count is that the SP-500 put in i-ii, 1-2 of wave (2) today.  So tomorrow should be a wave 3-iii-a-(2) down. There is a head and shoulders that measures to 1103, so this could be the target area for a-(2).  Then I’d expect a bounce to 1110/1115 for b-(2).  And ultimately I’m looking for wave (2) to target 1084 to 1094 (20-day SMA area) by early to mid-next week.

SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

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