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Aug 26th, 2010: Update 3 – Mid-day

Posted by pugsma on August 26, 2010

11:45 am EST:  For the bearish alterante count (in red), I re-adjusted the H&S and shoulders neckline (shown in orange) to properly show it as upward sloping.  The neckline cuts right through the 1063 to 1067 gap today and tomorrow.  If the bears can defend this neckline and the open gap area, then this wave (2)-3-[C]-P2 was a classic back-test of the broken head and shoulders neckline before the next major drop down toward the 1000 to 1020 area in wave (3)-3-[C]-P2.

For the bulls, obviously they have to defend 1040 as all cost now.  And they must keep this pull-back above the 1047 to 1050 area, to reaslistically have a shot at pushing through the 1063 to 1067 gap resistance.  This pull-back down after the push up to 1062, looks the wave ii-(1)-3-[1]-P3 of the primary count.  So if the bull can hold above 1047, then the wave iii-(1)-3 might just get the job done.  The bulls need to close above the neckline in the 1070 area and then break the 1077 upper down channel resistance.

So now you know what to watch for the rest of today and tomorrow. It’s a very critical time for both counts.  Good luck with your trades.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=0101476a-d397-44ee-b5cc-91140a526fb2

SP-500 60-min chart real-time link:  http://www.freestockcharts.com?emailChartID=ae4d9307-a5ec-4fec-9aef-274a5d7526ed

SP-500 15-min chart (11:40 am):

SP-500 60-min chart (11:40 am):

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