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Sept 19th, 2011: Update 2 – EOD

Posted by pugsma on September 19, 2011

3:30 pm EST:   With the move above 1204.46, there reasonably good chance that minor B of major [Y]-PB ended this morning at 1188 which is the 38% retrace of minor A.   But we must consider the possibility of a double ZZ corrective where today’s move up to 1209 was an (x) wave and there will be another move lower in wave (y) to complete minor B at the 50% retrace target of 1178.  In either case, the  upside target for minor C of major [Y]-PB is 1246, where [Y]=[W].

Support is at the 1187 then 1177 pivot.  Resistance is at the 1219 pivot and 1229 pivot.

SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

SP-500 4-hr (EOD):

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