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Aug 20th, 2010: Update 5 – EOD

Posted by pugsma on August 20, 2010

5:00 pm EST:  If you would like to join the premium servce for the month of September, I can offer you the rest of August for free.  The monthly rate of $30 for September would apply, so you will basically are receiving the final 7 trading days of August for free as an incentive to join now for September.  E-mail me at pu_gridiron@yahoo.com to sign-up for September. 

4:50 EST pm:  The McCellan Ocscillator Positive Divergence set-up is in place as long as it closes higher than -35 on Monday, 8/23.

SP-500 Daily Candles (EOD):

4:30 pm EST:  Looks like we have found the bottom of wave v-(c)-2-[1]-P 3 of the primary count.   There are postive divergences on the MACD on both the 15-min and 60-min time frames.  Also, there is a positive divergence on the VIX today vs the Mon 8/16.  I suspect McClellan Ocscillator will also show a postive divergence with price.  All of this points to the start of a new up trend the SP-500.  I’m looking for wave i-(1)-3-[1]-P3 to reach 1086 early next week.  And wave v-(1)-3-[1]-P3 to reach 1121 to 1131 by the end of August.  Remember my ultimate target for wave [1]-P3 up is 1250 (Inv H&S Target) by Dec 2010.

For the alternate count I have wave (1)-3-[C]-P2 down ended today at 1064.  And we are in wave (2)-3-[C]-P2 up next week to the same 1086 target area (62% retrace).  From the 1086 area the altnernate count diverges from the primary count; as we would next have a wave (3)-3-[C]-P2 large drop down that would target a level under 1011 at 985 (H&S Target).    My ultimate target for wave [C]-P2 is 950 by mid-October.

If the SP-500 can break above 1100 next week, the alternate count, as it is labeled right now, will be eliminated.  Conversely if the 1057 level is breached next week, the primary count will be damaged serverely.  And if 1037 is breached I would likely eliminate the primary count and replace it with the altnernate.  So next week is a very important week for deciding on the intermediate term count.

Have a great weekend !!!

SP-500 15-min Chart with MACD (EOD):

SP-500 60-min chart with MACD (EOD):

SP-500 Daily Chart (EOD):

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