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Aug 30th, 2010: Update 5 – EOD

Posted by pugsma on August 30, 2010

7:55 pm EST:  The lower yellow trendline on the 60-min chart is key for a continued bull case.  It’s the absolute  limit of the bull channel of the March 2009 low of 667.  We could get a double bottom near 1011 wtih the double ZZ count and this yellow channel line.

6:00 pm EST:  I believe 1040 will hold, but if 1039.83 falls, then I like this possible double Zig-Zag count (in red) for wave 2-[1]-P3 that would test the 1024 area if wave (c)=(a) for the second ZZ.

SP-500 15-min chart (EOD2):

SP-500 60-min chart (EOD2): 

4:55 pm EST:  Well we did get the “inside day” I expected, but with a little deeper retrace than expected. I have switched over to the running flat wave ii-(1) as the most likely scenario. This means that this wave ii-(1) can test all the way down to 1039.83.  I believe the wave ii-(1) running flat is finished today at 1049, but it could test down to 1040 to 1045 early tomorrow morning.   Targets for iii-(1) up are between 1086 and 1094.  Still looking for wave (1) to top out in the 1100 to 1105 area.

Volume was extremely light today and Dr Copper made new recovery high of 3.43 off of the early June bottom of 2.70.  Both are indicators that the SP-500 sell-off was over-done.

A break down below 1039.83 and I will need to revive the bearish near-term counts.

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

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