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Sept 22nd, 2010: Update 3 – Mid-day

Posted by pugsma on September 22, 2010

12:35 pm EST: Bulls are holding it above the 1131 IHS neckline thus far.  Therefore, for the alternate count, it looks like the bullish falling wedge for wave 4 of v-(1) may be complete at 1131.83.   But it could also see one more drop to just above the critical wave 1 of v-(1) high of 1227.36.   Below 1127.36 and the alternate count for new near-term high above 1148.58 is out.

A breach of 1127.36 and the SP-500 is very likely headed to the 1090 or 1107 pivot area in the wave (2) correction, 38 to 50% of wave (1), of my primary count.

SP-500 5-min chart (12:25 pm):

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