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Oct 18th, 2010: Update 2 – Morning/Mid-day

Posted by pugsma on October 18, 2010

12:45 pm EST:   Here is the updated 60-min chart showing how the SP-500 just keeps working it’s way higher in the rising price channel.  The target near 1192 to 1202 looks very reasonable by mid-week.  There is a bull cross on the MACD  of the 60-min chart this morning.

SP-500 60-min chart (12:40 pm):

10:50 am EST:  Financial shares are playing catch-up (i.e. up +1.25%) to the QQQQ’s and Small Caps and helping to push the SP-500 higher this morning.  The QQQQ’s are taking a much needed rest after being up almost 2% on Friday.

For the primary count the wave iv-(5) triangle has ended and the first wave up for wave v-(5) is underway.  This wave v-(5) should reach 1192 to 1202 over next few days to a week.

The alternate count for wave (b) triangle has been eliminated.  But this could still be a wave (b) Zig-Zig.  This alternate count has a very low probability until the 1168 pivot support has been taken out.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=d36d9e4a-fc1d-449c-8662-a0eb847e7454

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=73767098-bc70-4304-8fb6-bcdd30f39a06

SP-500 5-min chart (10:40 am):

SP-500 15-min chart (10:40 am):

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