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Sept 27th, 2010: Update 2 – Morning

Posted by pugsma on September 27, 2010

11:25 am EST:  Looks like this wave up is over at 1148.90.

Primary count is that wave i-(3) ended at 1148.90 and the SP-500 is tracing  out a wave ii-(3) retrace which should hold above the 1137 pivot support.

1st Alternate count (blue labels) is that the SP-500 is tracing out a wave (2) flat.  Wave b-(2) ended at 1148.90 and wave c-(2) should retrace back to about 1123.  Key to watch for this count is the support at 1123 and the lower channel line.

2nd Alternate count (red labels) is that wave (1) ended at 1148.90.  A wave (2) correction is underway down to targets of 1081 (62%), 1095 (50%) or 1107 (38%).  This count would all the SP-500 to potentially close all of the open gaps down to the 1090 pivot support.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=238287cc-4143-4a93-b14b-9e1bbe8671b3

SP-500 5-min chart (11:25 am):

SP-500 15-min chart (11:10 am):

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