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Oct 28th, 2010: Update 2 – Morning

Posted by pugsma on October 28, 2010

10:25 am EST:  The entire move up to 1189 looks like an impulse for a-(d).  I’m looking for gap fill to 1183 and maybe even test of 1177 to 1180 level in wave b-(d), before a bounce to 1192 for c-(d).  However, if the move to 1189 is all of (d), then a test the 1177 pivot for wave (e) is underway now.  That is to say the triangle could be speeding up as I mentioned in the EOD update last night.

The triangle remains in play as long as 1196.14 holds to the upside and 1171.70 to the down side.  Any move outside of those limits likely means a big (30 to 40 point) directional move in the direction of the break.

The alternate count for the double ZZ is still in play. The a-wave down to 1168 of the second ZZ could be in progress.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=8e287a8e-97f0-4ebc-bc30-8bc42c3d7f42

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=e4d37ee7-1fb6-4d2d-a259-e1332141879a

SP-500 5-min chart (10:30 am):

SP-500 15-mim chart (10:15 am):

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