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September 10th, 2010: Update 1 – EOD

Posted by pugsma on September 10, 2012

5:25 pm EST:  Again today’s price action went precisely as predicted from last Friday, Sept 7th.  For the primary count wave (1) of minor 3 of major [3]-P3-C3 topped out just 1 point shy of my 1440 prediction at 1439.  I’m now expecting a wave (2) retrace of between 38% (1424) and 50% (1419).   For the primary count to remain valid the minor 2 low 1396 must hold as support.  Once wave (2) ends, there should be a wave (3) of minor 3 move up towards 1489, where (3)=1.62*(1).

The alternate (blue) count is that major [B]-P2-C3 peaked at 1439 and with a break below 1396, it should make the beginning of the major [C]-P2-C3 wave down towards 1281 that will complete an irregular flat for P2-C3.   This alternate (blue) count is a low probability unless the 1396 support is broken.

Support is at the 1422-27 area of the previous high.   And resistance at the 1440 pivot.

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD): 

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