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Sept 23rd, 2010: Update 4 – EOD

Posted by pugsma on September 23, 2010

4:45 pm EST: The primary count is the SP-500 is tracing out a double Zig-Zag (abc-x-abc) corrective for wave (2).  The first drop to 1123 early this morning completed the c-wave of the first ZZ and then there was an impulsive x-wave up to back-test the broken pivot at 1137.  The 1137 pivot held as resistance and the SP-500 fell back down to 1123 late in the day.  The second drop to 1123 is part of wave-a of the second ZZ.  Wave-a of the second ZZ may not be over and could test the 1115 to 1120 area early tomorrow.  Then we should be looking for a corrrective b-wave bounce to the 1125 to 1130 area; followed by a final c-wave down to the 1107 pivot support, which is the 38% retrace of wave (1) target.  The other area of support to watch is the 1090 pivot, which is near the 50% retrace target of 1095.

SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

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