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Sept 22nd, 2010: Update 2 – Morning

Posted by pugsma on September 22, 2010

10:55 pm EST:  Here is the possible bullish falling wedge for wave 4 of v-(1) of the alternate count.  Looks like it would stay above the critical 1127.36 level.  Just keep in mind that any break of 1127.36 means a deeper correction is unfolding.

SP-500 5-min chart (10:50 am):

10:30 am EST:  Market looks very weak here.  A break of the pivot support at 1136/1137 will open the door to a much bigger potential drop.  I’m watching a head shoulders with neckline at 1136/1137, that if breaks targets 1124.  Obviously if this happens and a breach of 1127.36 is made, the alternate count for a new high above 1148.59 is eliminated.  The move to the 1124 target could be the entire wave (2) correction, as it’s a 23% retrace to the mid-channel line.  Or that will just be wave a-(2) and wave c-(2) will target the 1094 to 1107 area.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=2ccd9f75-b169-4a7f-92be-0d6c8a360149

SP-500 5-min chart (10:20 am):

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