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Sept 23rd, 2010: Update 3 – Afternoon

Posted by pugsma on September 23, 2010

3:5o pm EST:  Today’s bounce up to the 1137 pivot (1136.77) now looks like a X-wave impulse in a double Zig-Zag (i.e. abc-x-abc) corrective for wave (2).  This afternoon the SP-500 has started the a-wave impulse down of the second ZZ.  We should get a small b-wave bounce  and then a final c-wave down.  I’m  now expect this correction for wave (2) to reach the first target of 1107 (38% retrace).

SP-500 5-min chart (3:45 pm):

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