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Oct 7th, 2010: Update 2 – Morning

Posted by pugsma on October 7, 2010

10:30 pm EST: Here is the update 15-min chart.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=439d6e82-4c10-4a83-b986-1019b59bb9bf

SP-500 15-min chart (10:20 am):

10:10 am EST: The SP-500 hit a new cash market high at 1163.87 for this wave up.   Notice the upper yellow trend-line rejected the move higher than 1164 at this time.   This set of yellow trend-lines has been important on the bottom and top of the channel for the past 2 weeks with multiple touches on each side.  It means that this a very strong channel and once it breaks up or down, there will likely be a significant move in the direction of the break.

The primary count remains that the wave iv-(5) low was 1154.85 and will remain until it’s broken below.  My wave v-(5) targets remain 1168 and then 1177.  The 1177 is the measured move triangle wave (4) target area.

 The alternate count where today’s high is a x-wave of a double Zig-Zag (ZZ) is looking more likely as this wave iv-(5) may  need to consolidate over a longer time.  Remember there is 38% retrace target for this wave iv-(5) at 1151, which is a key support level now.  There could also be a wave iv-(5) triangle forming between the upper yellow trend-line and 1151.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=49f1330a-bf6b-4289-bf1a-f133af7a9fff

SP-500 5-min chart (9:55 am):

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