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Aug 25th, 2010: Update 4 – Afternoon

Posted by pugsma on August 25, 2010

3:50 pm EST:  The Bulls got there mojo back today.  Looks like all major indices will close green with bullish hammer candles.   This is very postive sign for the primary count.  Now the bulls need some follow through tomorrow to confirm the trend change.  For the primary count I have today as waves i-ii of 1-(3)-3-[1]-P3 up.  For the alternate count (red) today was simply an a-b-c zig-zag for wave ii-(3)-3-[C]-P2 up.   And you know what comes after ii-(3), so keep this in mind.   This wave is struggling here at the tough resistance zone of 1057 to 1060.   Note that retrace this far as reach the 50% retrace of 1060.  The bulls need to push past the 62% retrace of 1065 and close the 1067 to really get the bears in a short squeeze.

There is significant bull cross on the 60-min chart iwth a large positive divergence that means this bull run could have some legs for a few days.

SP-500 15-min chart (3:45 pm):

SP-500 60-min chart (3:50 pm):

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