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Oct 27th, 2010: Update 2 – Morning

Posted by pugsma on October 27, 2010

11:30 am EST:  Here is a quick look at the Daily Candle Chart this morning.  The 1168 (20-day SMA) and 1174 (13-day EMA support lines up with the primary count.  If the alternate count for the expanded flat plays out to a deeper correction for wave 4-[1]-P3, then watch to make sure the up  trend-lines on the RSI and MACD hold.

SP-500 Daily Candles (10:5a am):

10:30 am EST:   So far the SP-500 has held the 1177 pivot, but it looks to be weakening and a fall to the 1168 pivot area could happen later today.

The primary count is the large contracting wave 4-[1]-P3 triangle.   For the count wave c of (c) down to a target area of 1173 is underway.  There is support from the 13-day EMA at 1174 and the 1168 pivot support.

The alternate count is an expanded flat for wave 4-[1]-P3.  This count is in wave 3-iii of (c) down to a target of 1160 to 1168.   The final target for this count is the 1137 to 1154 area.   The idealize target is (c)=1.62*(a) = 1154.  There is support near 1150 and again at the 1137 pivot support.  Also, 1137 is the 38% retrace point for the entire wave 3-[1]-P3 move from 1040 to 1196.

Remember wave 2-[1]-P3 was a simple Zig-Zig.  So this wave 4-[1]-P3 should be a more complex corrective like a triangle, flat or double Zig-Zag.

For both counts you and see the light blue channel lines on the 60-min chart will provide the support targets: middle channel line for the primary and lower channel line for the alternate.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=717254f3-3098-4f25-92ea-4933d8fffd29

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

SP-500 60-min chart (10:30 am):

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