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Sept 28th, 2010: Update 2 – Morning

Posted by pugsma on September 28, 2010

9:55 am EST:  The SP-500 has slipped to 1136.28, right at the 50% retrace target of 1137 that I laid out yesterday afternoon for a wave ii-(3).  The 62% retrace is a 1133 and there is gap support between 1125 and 1132, along with the IHS neckline at 1131.  There is also mid-channel support at 1135 and of course the key long-term pivot support at 1137.

A decisive break below the 1131/1133 area, opens up the test of 1123 in the alternate count for the wave (2) flat.  The maximum reach for the wae (2) flat is about the 1113 gap area.

SP-500 5-min chart (9:45 am):

SP-500 15-min chart (9:55 am):

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