Aug 13th, 2010: Update 4 – EOD
Posted by pugsma on August 13, 2010
4:35 pm EST: I’ve been showing a few more standard (free) posts this week during the increased volatility. I will go back to more protected (premium) posts next week and through the end of the month. If anyone wants to join the premium service from the balance of August (12 of 22 trading days left), then I can offer it at a reduced rate of $15. Just drop me an e-mail at pu_gridiron@yahoo.com to sign up.
4:15 pm EST: A very boring day to be sure. Nothing really has changed since Thursday’s EOD update. For the primary count, this still looks like a wave (4) of C triangle for the wave 2-[1]-P3 correction. Maybe it is finally breaking down into the close? The wave (5) of C target is 1070 area, which would close the 1070 to 1072 gap. I have a slightly modified primary count, that has the 1077 low from Thurday morning the end of wave (5) of C. The 60-min chart with MACD supports this count both in terms of lower trend-line support and the MACD signal line bull cross. In either count the SP-500 at or near a short-term bottom and I think the market will be some where at or above 1100 into OPEX Friday, Aug 20th.
Finally, last night I stated my “uncle point” was 1057 for bringing out an alternate count for a new P2 low below 1011. I think the proper “uncle point” is aound 1037 based on my daily chart showing the lower bull market channel line support near 1037 at the end of August. Also, as I’ve been saying, the leading diagonal count for wave 1-[1]-P3 can retrace very deep up to 78% in a wave 2-[1]-P3 and the 78% retrace target is 1037. So 1037 does have some confluence on the chart trendline and fib levels.
Have a great weekend !
SP-500 15-min Chart with MACD (EOD):
SP-500 60-min Chart with MACD (EOD):
SP-500 Daily Chart with 13 vs 34-day EMA (EOD):
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