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Wednesday, September 30, 2009

Mid-Day Count Sept 30 - Update 2

Today's mess, when stepping back, counts like a big expanded flat. I think we are still in Wave 2 with a little more upside to go.

The key here is still the lower low on the Dow. It counts well as a Wave B overshoot (down) for the flat, but *CANNOT* support the bullish case for the up direction (2 can never go past the start of 1).

Here are the counts on the SPX

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