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This is the hourly count which I should have had yesterday.

S&P 500 hourly 2011

Upwards movement labeled 1 green has an impulsive count of 9 on the hourly chart.

Downwards movement for Wednesday’s session so far has a corrective count of 7 which indicates it may be over already. It may however technically continue down to 1,311.8.

Wave 2 green may not move beyond the start of wave 1 green. This wave count is invalidated with movement below 1,311.8.