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Sept 6th, 2011: Update 1 – Morning

Posted by pugsma on September 6, 2011

11:30 am EST:  Here is very quick update, before I head to the airport.  There may not be an EOD post until very late tonight if at all.  And there will not be intra-day post the next two days while I’m on business travel.  I will try to post a EOD post on both Wed and Thurs but they will also likely be very late.  Things will return to normal on Friday when I back in my office.

Primary count (white/red) is that the SP-500 is complete the major [X]-PB wave here near the lower light blue trend-line and 1136 pivot support.   It looks like we have 5-waves down for C at 1140. (Note: C=A=>1132 for the [X]-PB wave.)  So if  [X]-PB end here at 1140, then the [Y]-PB projection is for a 110 point rise to the 1250 target to complete PB.  This primary count need to hold above the 1121 level to remain valid.

Alternate count (blue) is the old count that I showed for a while during August of major [4]-PA complete at 1231 and now the SP-500 is in a major [5]-PA wave headed for a low below the major [3]-PA low of 1101.  One potential target area is 1049, where major [5]=1.62*[1].  But there are other targets like 1092, where [5]=1.23*[1].  Right now I have this count in the heart of a minor 3 of major [5]-PA wave headed for a 1098 target, where minor 3=1.62*minor1.

SP-500 5-min chart (11:20 am):

SP-500 15-min chart (11:50 am):

SP-500 60-min chart (11:20 am):

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