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Aug 26th, 2010: Update 5 – EOD

Posted by pugsma on August 26, 2010

4:40 pm EST:  Nothing has changed since the afternoon update.  Watching 1040 on the downside and 1070 to the upside to help separate the two counts as currently labeled.

Primary count is wave ii-(1)-3-[1]-P3 completed at 1045 this afternoon.   This drop was a back-test of the broken down channel in yellow.   There is a small inverse head and shoulders on the 15-min chart with neckline at 1062 that targets 1084 for wave iii-(1).  A drop below 1040 invalidates the primary count as currently labeled.  However, it will take a drop below 1011 to completely invalidate this primary count that has P2 ended at 1011 on July 1st. 

Alternate count is that wave (2)-3-[C]-P2 completed at 1062 today just shy of a 38% retrace.  This wave (2)-3 retrace was classic back-test of the head and shoulders with a neckline near 1063 today (orange neckline).  Wave i-(3)-3 down is just getting started today.  Wave (3)-3 should target 1000 to 1020.  The head and shoulders target is 981, which would be for the completion of wave 3-[C]-P2.  Wave 5-[C]-P2 would target 950.

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

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