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Aug 17th, 2010: Update 2 – Morning

Posted by pugsma on August 17, 2010

11:10 am EST:  The first target of 1092 (38% retrace) for the alternate count wave 2-[C]-P2 has been met.  Then next target for this count is 1099 (50% retrace) and finally 1106 (62%).  Beyond that I’d start thinking more in terms of the primary count for a wave iii-(1)-3-[1]-P3 up is the better count.  Remember closing above 1105 and staying there is my criticia for putting the more emphassis back on the primary count.  This would move us out of the neutral region between 1057 and 1105.

On thing to remember is that this OPEX week.  Max Pain for SPY is 110.0 or 1097 SPX.  Now that they have pushed the SPY back to 109.7, they may try to “pin” it here the rest of the week.

SP-500 15-min Chart with MACD real-time link:  http://www.freestockcharts.com?emailChartID=de600727-1828-43a2-86f0-dfde0fabe3ca

SP-500 60-min Chart with MACD real-time link:  http://www.freestockcharts.com?emailChartID=1ad0b961-a4f5-42c1-8688-65452921be3a

SP-500 15-min Chart with MACD (11:00 am):

SP-500 60-min Chart (11:15 am):

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