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Sept 21st, 2010: Update 3 – Afternoon

Posted by pugsma on September 21, 2010

3:05 pm EST:  The Fed decision is in.  They said they stand ready to pump the market up to PUG’s target of least 1251 by end of 2010.  :-).   Tomorrow and Thursday are POMO open market action days.

The two most likely scenarios are that SP-500 remains above the 1127 to 1130 neckline break-out and climbs in an extended v-(1) wave to the next pivot resistance of 1168 before any significant correction.   Or that the wave (2) gets underway from here (1148.5) and we get the deeper correction down toward the 1097 (50%) to 1107 (38%) pivot supports.  I still favor the deeper correction for wave (2), if for no other reason than the whole world is anticipating the scenario of heading directly up to 1170.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=c084f11e-f847-4e8f-a178-ad262d16716b

SP-500 15-min chart (2:50 pm):

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