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Sept 3rd, 2010: Update 3 – Mid-Day

Posted by pugsma on September 3, 2010

12:30 pm EST:  Here is a look at the 5-min chart.  Maybe an a-b-c, Zig-Zig correction for wave iv-(1) down to the 23% retrace of 1090 target.  Remember wave ii-(1) was a flat, so a ZZ for wave iv-(1) would satisfy the quideline of altnenation with the wave ii-(1) flat.  Of course it could turn into a triangle that take much longer in time.

We have some strong negative divergence on the MACD wtih price for both the 5-min and 15-min charts.   So more downside price action is likely from here.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=171e5228-fed4-4445-b8a6-4cab0fb865fb

SP-500 5-min chart (12:20 pm):

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