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September 2nd, 2011: Update 1 – Morning

Posted by pugsma on September 2, 2011

10:35 pm EST:  First off the bullish near term alternate (blue) count from the EOD post has been eliminated with the move below 1190.68 this morning.

The primary (white/red count) is that we are in the minor A leg of major [X]-PB.  We have 3 waves down to 1176.55 this morning and I’m looking for a wave (4) and then a final (5) of A down to 1172/1175 complete minor.  Then a minor B of [X]-B bounce up to above 1200 and final a minor C of [X]-PB down to the about 1163 or a 62% retrace of [W]-PB.   This should hit the lower light blue channel line some time next week.

The new alternate (blue) count will be that major [X]-PB will complete today at the original 1176 (50% retrace of [W]-PB) target.  And the major [Y]-PB up toward 1250/1281 will begin.

There are also some very bearish near to intermediate term counts to consider if the lower light blue channel line (currently near the 1136 pivot) is broken.  I will discuss them tonight EOD if need be.

SP-500 5-min chart (10:25):

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