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Oct 28th, 2010: Update 3 – Mid-day

Posted by pugsma on October 28, 2010

12:20 pm EST:  Obviously a very critical area for the SP-500 today.  If the 1177 falls and we get a hard move that takes out 1171.70, then the market is likely to roll-over and test of 1137 to 1150 is very likely for the alternate count.  And if 1177 holds as support, then it could be off to the races in a move to 1232 to 1251.

Keep in mind there is room to wiggle around inside the apex of this triangle between now and Nov 3rd.  The boundaries that must now be respect at are 1171.70 [wave (c)] to the down-side and 1189.53 [wave (d)].  Once one of those level is breached, we have break-out in the direction of the move.  The pivot is right here in the middle between 1177 and 1182.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=aec76636-b6f3-4c54-b887-8bf7190a4e58

SP-500 15-min chart (12:15 pm):

12:05 pm EST:  OK, It would appear the (d) wave of the triangle was put in this morning precisely at my 1189 target.  The (e) wave is underway and it should stay above the 1177 pivot area.  However, it  must remain above 1171.70 to stay valid as a triangle.  A drop below 1171.70 and alternate count takes over. 

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=1a4a8c1b-e931-4089-bede-b663c46cef1b

SP-500 5-min chart (12:00 pm):

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