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Aug 27th, 2010: Update 3 – Mid-day

Posted by pugsma on August 27, 2010

11:45 pm EST:  Looking at things a little more, the only count that makes since for the bearish alternate (in red) is that his would be a 5-wave impulse higher for the c-wave of a 3-3-5 flat for wave (2)-3-[C]-P2.  Thus, this wave up could reach between 1062 and 1067 or near the upper purple down channel line.  Above 1067 and the bulls have a scored a touchdown. 

For the primary count we will be looking for  wave ii-(1) pull-back of 50% to 62% once this wave i-(1) up ends.   It will likely end within the 1063 to 1067 gap and thus the pull-back would be to the 1050 to 1053 area.

SP-500 15-min chart real-time link:  http://www.freestockcharts.com?emailChartID=1a0f9db7-02d6-43ca-acce-69d9f68cb776

SP-500 15-min chart (11:35 am):

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