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Nov 9th, 2010: Update 3 – Afternoon

Posted by pugsma on November 9, 2010

2:30 pm EST:  The first back-test of the broken pivot support at 1219 failed.  If 1219 becomes resistance the SP-500 fails to close above it, then the primary count that is looking lower to 1207 for a-(a) and then ultimately 1187 for c-(a) of 4-[1]-P3 is looking more probable. 

The alternate is that this drop from 1227 to 1214 was part of a 3-3-5 flat with the 5-wave c-leg being 1.62*a.  The target for v-(5) gets reduced to 1233 for v=i and this agrees with the ascending triangle target of 1232.

So recapturing the 1219 pivot support is the key to a continued move higher, without further price drops near-term.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=f07172eb-2cc1-4cdf-b5f2-4d206899b689

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=ce62a8fa-809e-42a6-a7ee-31b94f03851a

SP-500 5-min chart (2:25 pm):

SP-500 15-min chart (2:40 pm):

1:15 pm EST:  Here is the updated 15-min chart.  If the SP-500 holds the 1219 pivot support, then I will make the alternate count the primary (and only) count.  I have never seen so many consolidation triangles to be used to push the market higher.  Amazing price action.  They just might be above to triangulate P3 all the way to 1600 using QE-II, QE-III, QE-IV, and QE-V.   🙂

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=760c7c35-e903-4218-b317-a0c51b70bfbe

SP-500 15-min chart (1:10 pm):

1:00 pm EST:  If the SP-500 does not break-down through the 1219 pivot support, then you have your choice of two alternate counts for wave iv-(5):  a flat or yet another ascending triangle.  Both alternate counts would target the 1237 area on a break-out higher than 1227.  Bulls are still in charge as long as they hold 1219.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=9e5ff47c-657b-42a3-9663-067a7589d641

SP-500 5-min chart (12:55 pm):

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