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Sept 7th, 2010: Update 2 – Morning

Posted by pugsma on September 7, 2010

11:25 pm EST:  A near perfect Elliott Wave channel on the 15-min chart.  Let’s see if we can get a bull cross on the MACD if the 1090 area holds up as support today.

SP-500 15-min Chart (11:20 am):

11:05 am EST:  Strictly speaking, I can count 5-waves down to 1093 for today’s c of iv-(1) wave.  We could be about to enter wave v-(1) up.  Target for wave v=i is 1093 + 21 = 1114.  The 200-day SMA is at 1115.

SP-500 5-min chart (11:00 am):

10:05 am EST:  Playing out just like I predicted on Friday EOD.  We are into the 1090 to 1094 gap support now.  This looks like a 3rd wave of c of iv is underway.  Wave c of iv should have 5 waves down.  So it should make my minimum target of 1090 (23% retrace) and maybe challenge 1081 (38% retrace).

SP-500 5-min chart (10:00 am):

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