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Sept 21st, 2011: Update 1 – Morning

Posted by pugsma on September 21, 2011

12:10 am EST:  And the update 15-min chart for completeness sake.

SP-500 15-min chart (11:05 am):

11:50 am EST:  And here is the updated 5-min chart so far today.   We could have the end of minute (2) of minor C-[Y]-PB at 1193.  Or 1193 could just be the end of minute (a) of minor B-[Y]-PB with a minute (b) bounce and then a minute (c) drop to 1177/1168 to complete minor B.  In either case I’m still looking for minor C of major [Y]-PB to reach the 1246 target by next Monday/Tuesday.

SP-500 5-min chart (11:45 am):

11:35 am EST:  Looking at the 60-min chart, if the SP-500 can’t muster a new high above yesterday’s 1220, then the large PB triangle shown is in yellow would be a variant of the red primary count.  In the yellow count, the SP-500 would have a few oscillations over the next week after today’s Fed Meeting to the PB triangle.  Then the SP-500 would completely collapse in a Primary C of Cycle 2 wave down to 980/1019 in October.  The SP-500 needs to break the 1168 pivot again to confirm the Primary C of Cycle wave down is likely underway.

SP-500 60-min chart (11:25 am):

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