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Wednesday, September 15, 2010

Market Update - 9/15/2010

1130 remains the key pivot to the upside, while 1115 is the key downside pivot.

I have a feeling that we may get to 1130 very soon. A break above will be bullish and could take us to the 1143 area. This would be an ideal target for my current primary count.
I am still looking for wave (v) of [c] of 2 to complete in the next few days. Breaking below 1115 will be bearish, but I feel no downtrend can be confirmed until we get a solid break below 1100.

The daily charts also keep on pushing higher. It is starting to look extended, and we have seen patterns like this not too long ago.
It looks similar to the move from our June lows into our August highs. The top could be nearer than we think.

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