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Aug 30th, 2010: Update 3 – Mid-day

Posted by pugsma on August 30, 2010

12:50 pm EST:  First wave ii-(1) target of 1056 has been hit (38% retrace).   There is a potential bull flag that has formed.  Let’s see if wave iii-(1) up can get going before the end of today or if wave ii-(1) needs more time to retrace deeper to the 1050 (62%) or 1053 (50%) targets.

Recall in my EOD update on Friday I talked about today having the potential of being and “inside day” with a range between 1056 and 1065 or “inside” the prior days candle range.  So far today that is what has happened.  After a large accumulation daily candle, like Friday, an inside day of consolidation often follows.

SP-500 15-min chart (12:45 pm):

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