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Oct 4th, 2010: Update 3 – Mid-day/Afternoon

Posted by pugsma on October 4, 2010

2:30 pm EST:  The SP-500 is looking very weak here at the critical 1129/1131 support, so I wanted to add the down side targets to the 15-min chart if 1129/1131 area breaks down and 1123 is breached.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=89da307a-95e2-434c-b685-2e29fc18c9f2

SP-500 15-min chart  (2:20 pm):

1:10 pm EST:  The break below the 1139/1140 area eliminated the alternate count of the ascending triangle.  The primary count target of 1129/1131 for wave c-(c) of (4) of the contracting triangle was hit almost exactly this morning at 1131.87.   If this support holds and the SP-500 can close above the 1137 pivot, then the next stop is test of the 1146 to 1150 area in wave (d) of (4).  And finally a retest of the 1137 pivot in (e) of (4).  The contracting triangle has an upside wave (5) target of at least 1171 and maximum of 1191.

Notice the  the big gap up from 1125 to 1132 is still holding as support.   But again, as I cautioned this morning a break below 1123 elminates the wave (4) triangle and means wave (5) is complete at 1157.  This opens the door to a much deeper retrace of at least 38% (1113) and maybe to 50% (1099) or 62% (1085).

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=a2f92e79-68ab-44eb-85df-9990d0df31c9

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=b3da4b40-066b-4795-b7bc-4d195d000c4c

SP-500 5-min chart (1:00 pm):

SP-500 15-min chart (1:15 pm):

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