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Aug 27th, 2010: Update 2 – Morning

Posted by pugsma on August 27, 2010

11:00 am EST:  The drop below 1039.83 to 1039.70 this morning, means for the primary count we have to move the wave v-(c)-2-[1]-P3 point to today’s low.  That implies the low of 1039.83 was wave 3-v-(c) and they rise to 1062 was wave 4-v-(c).  The first bounce off the 1039.70 low today, obviously looks impulsive up.  It would be wave i-(1)-3-[1]-P3 up.    We have a bull cross on the 15-min chart MACD with this agressive move up.

The alternate (in red) is that wave (2)-3-[C]-P2 ended at 1062 yesterday and today’s low of 1039.70 was wave i-(3)-3 and this subsequent bounce is wave ii-(3)-3.  We are looking for wave ii-(3)-3 to stay below 1062 to remain a valid count. 

We are really back in the same position as yesterday.  We are looking for a break above 1062 for the primary count and below 1040 for the alternate count (in red).  “Same As It Ever Was!”

SP-500 15-min real-time chart link: http://www.freestockcharts.com?emailChartID=c6cd154e-a10d-44ef-b46a-d236d3decd29

SP-500 60-min chart real-time link: http://www.freestockcharts.com?emailChartID=0e97a782-8f9b-4703-95b7-129459ba8620

SP-500 15-min chart (11:00 am):

SP-500 60-min chart (11:10 am):

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