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Aug 12th, 2010: Update 3 – Mid-day

Posted by pugsma on August 12, 2010

12:30 pm EST: Here is the 15-min chart with MACD real-time link:  http://www.freestockcharts.com?emailChartID=440241a2-fae1-4c0b-8254-fa546dca3fc7

12:20 pm EST:  I’m seeing this move from 1076 to 1086 as a potential bear flag corrective for wave (4) of C.  The measured move down from here would be 16 point or 1086-16 => 1070.  Looks like wave (5) of C may yet fill the 1070 gap and hit the 50% retrace target.

However the 15-min chart MACD signal line got a bull cross.  Plus the signal line and histogram are showing a big postive divergence with this mornings price low of 1076.  So this argues for a further advance without a retrace to 1070.  Maybe with a quick dip to 1070 and bounce we’ll get a triple positive divergence and a stronger impulse push higher.

SP-500 15-min Chart (12:15 pm):

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