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Oct 4th, 2010: Update 2 – Morning

Posted by pugsma on October 4, 2010

10:55 am EST:  The SP-500 is testing the 1140 area of the ascending triangle lower boundary.  If it breaks, look for a fall to the 1129/1131 area.  Also, there is a head and shoulder target in that same 1129/1131 area.  This would mean the primary count for the contracting triangle is in play.  Any break below 1129/1131 would be bearish and mean that a break of 1123 would need to be monitored closely.  A break below 1123, invalidates both triangle counts for the wave (4) and likely means the wave (5) top is in at 1157.

SP-500 5-min chart (10:45 am):

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