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Aug 6th, 2010: Update 3 – Mid-Day

Posted by pugsma on August 6, 2010

11:50 am EST:  One more update before I hit the road to St. Louis for the weekend.  The gap support at 1102 to 1107 has held the wave down thus far.  And the long standing lower channel line has held as well.  As long as the 1102 to 1107 gap holds his could be counted as the 5-wave impulse down for the c-leg of the wave 2-(3) of the primary count.    Below 1102, I would favor the the alternate count.  This move down would be wave A-2-[1]  for the deep (62% to 50%, 1055 to 1069) correction of the leading diagonal wave 1-[1] move from 1011 to 1129.

SP-500 15-min Chart (11:45 am):

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