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Nov 17th, 2010: Update 2 – Morning

Posted by pugsma on November 17, 2010

9:55 am EST:  These back and fill bottoming processes are always very difficult to discern from a potential wave iv and one additional wave v drop.  It really could go either way here.  Meaning one more small dip below 1173 and then a rally to 1187/1197 or just a straight rally towards 1187/1197.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=c86e57b8-dafd-481a-9064-4d89bdf5c133

SP-500 15-min chart (9:50 am):

9:50 am EST:  I’m looking at the possibility of a flat for wave iv-(c) of 4-[1]-P3.   The target would be the 1165 (50-day SMA) to 1168 pivot area today if it plays out.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=9f5a8bb8-fa66-4dd9-920a-16aace9bbb08

SP-500 5-min chart (9:40 am):

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