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Sept 28th, 2010: Update 3 – Mid-day

Posted by pugsma on September 28, 2010

1:55 pm EST:  The SP-500 held support at the 62% retrace (1133) for wave ii-(2).  It also held the gap support at 1132 and the IHS neckline support at 1131.

For the primary count we are at the start of iii-(3), headed towards the pivot resistance between 1168 and 1177.  The SP-500 needs to break above 1149.92 to confirm.

For  alternate count (blue) of the wave (2) flat, we have put in wave i-c-(2) down to 1132.  The bounce to 1146 is wave ii-c-(2).   A wave iii-c-(2) down to about 1125 should follow.  Ultimately the wave c-(2) target is between 1113 and 1123.  This count can not breach 1149.92 in wave ii-c-(2) and remain valid.  We are not trading at 1147.19 as I typed this.

SP-500 5-min chart (1:45 pm):

 SP-500 15-mi chart (1:45 pm):

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