Aug 11th, 2010: Update 3 – Mid-day
Posted by pugsma on August 11, 2010
11:45 am EST: SP-500 has hit 1091 and has exceeded the initial target of 1093 for C=1.62A. Next support is at 1088 which is the 50-day SMA. The 38% retrace of wave 1-[1] target is at 1084. This 1084 target also agrees with the lower channel edge of a new parallel channel based off the upper rising wedge trend line. So basically if 1084 holds up the leading diagonal, rising wedge for wave 1-[1] has broken down into a lesser aggressive rising channel. And wave 2-[1] could find support at this lower channel edge.
From the smaller degree count perspective, we look to be transistioning from wave (3) to wave (4) of C with potentially one more drop to come for wave (5) of C of 2-[1].
SP-500 60-min chart (11:30 am EST):
Sorry, the comment form is closed at this time.