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Aug 26th, 2010: Update 2 – Morning

Posted by pugsma on August 26, 2010

10:40 am EST:  The primary count is same with wave i-(3)-3-[1]-P3 in progress headed toward the 1063 to 1067 gap and then a wave ii-(3) pull-back to the targets between 1047 and 1054.  The bears are going to try and defend this 1063 to 1067 gap with a lot of vigor.  Bulls need to get through this gap and close above 1070 in the next few days.

I have adjusted the alternate count (in red) back to the original count that has  minor degree wave (1) or 3-[C]-P2 down ending yesterday at 1040.  The run up since 1040 is ninor degree wave (2) of 3-[C]-P2.  This count makes much more since now that the wave (1)-3 down channel was breached.  Wave (2)-3 targets are between 1063 (38%), 1070 (50%) and 1077 (62%).  So we are just now approaching the minimum retrace target of 1063.   Notice that 1077 is near the upper purple down channel edge and will be a key bullish sign if it’s breached.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=9efd3bb9-a6c7-47f8-a247-b35dea9ac2a0

SP-500 60-min chart real-time link: http://www.freestockcharts.com?emailChartID=971032d9-a393-45c2-bbd1-27d1df9ae68b

SP-500 15-min chart (10:30am):

SP-500 60-min chart (10:30 am):


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