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Oct 15th, 2010: Update 2 – Morning/Mid-Day

Posted by pugsma on October 15, 2010

1:05 pm EST:  Here is the wave b-2-(5) triangle that Grand spoke of below.  It looks like a possible drop to 1162 is coming later today or Monday.  If this happens it could skake out a lot of bulls, as it will look like a channel break.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=5e6709f6-538e-43ee-8b86-d16659049fe5

SP-500 5-min chart (12:55 pm):

 

10:55 am EST:  Added the 60-min chart showing the entire Sept-Oct rising price channel for wave 3-[1]-P3.   And the July-Oct rising price channel for wave [1]-P3.

10:45 am EST:  It’s OPEX Friday and thus the wild price swings. Thus far the pivot support near 1168 has held yet again.

For the primary count the SP-500 is still in wave 3-[1]-P3 up and headed towards 1215,  I have today’s move as a 3-3-5 flat for wave 2-iii-(4).  The target for the flat is about 1162 to 1166.  The SP-500 hit 1167.12 and bounced.  We’ll have to watch this price area and the lower blue channel line that goes all the back the August 31st low of 1040.  A break through this channel line will signal an end to this wave 3-[1]-P3.

The alternate count is that wave 3-[1]-P3 ended at 1184.38 and the wave 4-[1]-P3 correction is underway with a target of 1131 (38% retrace).    This will be a back-test of the large IHS neckline.  For this count we have put in waves i and ii of (a).  Wave iii-(a) should target the 1153 area.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=e384f9cc-8b7a-4eaf-acb4-abf9f3ca9dc1

SP-500 15-min chart (10:30 am):

SP-500 60-min chart (10:50 am):

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