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Nov 1st, 2010: Update 3 – Afternoon

Posted by pugsma on November 1, 2010

2:40 pm EST:   With the deep retrace for wave 2-v-(5) of the primary to 1184 thus far, it really makes very little difference in the near term which triangle is correct (i.e. the contracting or ascending).  The primary count needs to remain above 1179.70 to remain valid as labeled and the ascending triangle as a E-wave target of 1179 for c=a.

Obviously a break down through  the 1177 pivot would be extremely bearish at this point and would argue that the top of 3-[1]-P3 has been put in.  I will address this count after the close, if it happens.

SP-500 5-min chart (2:30 pm):

SP-500 15-min chart (2:30 pm):

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