We study the spin fluctuations of the oxygen deficient planes of (Formula presented)(Formula presented)(Formula presented). The Cu-O chains that constitute these planes are described by a model that includes antiferromagnetic interactions between spins and Kondo-like scattering of oxygen holes. The spectrum of magnetic excitations shows the presence of incommensurate dynamic fluctuations along the direction of the chains. The presence of itinerant holes is responsible for the existence of important differences between the spin dynamics of this system and that of a quasi-one-dimensional localized antiferromagnet. We comment on the possibility of experimental observation of these fluctuations.