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Nov 12th, 2010: Update 2 – Morning

Posted by pugsma on November 12, 2010

10:20 am EST:  SP-500 is still in the down channel and making lower highs, which is bearish, until that trend is broken. 

I’m still tracking the double ZZ as my primary count with a target between 1196 and 1200.

There is a new perfect bearish descending triangle with flat bottom at 1204.   This descending triangle but in a d-leg down to 1205 this morning and now is working on the e-leg back up.  If this count is correct, there should be a drop out the bottom of the triangle below 1204.  The target is 1204 – (1219-1204) => 1189.  This triangle target is near a wave 4-[1]-P3 retrace target of 23% of 3-[1]-P3 or 1184.  I have this replaced the triple ZZ with this descending triangle option.  The SP-500 needs to stay below 1215.45 for the e-leg for the count to remain valid.  But remember an e-leg can terminate abruptly, so be prepared for a sudden drop if this count plays out.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=d1d978b3-cc8d-411a-898e-87216341c57a

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

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