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Sept 9th, 2010: Update 2 – Morning

Posted by pugsma on September 9, 2010

11:00 am EST:  Well so far wave v-(1) has reached a new high at 1110.27.   The top of wave v-(1) could be in.  However,  I’ve had a wave v=i target of 1112 on the charts for the past several days.  We might still reach it, as this could be a wave 4 of v-(1) and we pop higher one more time in wave 5 of v-(1) to 1112 to 1115.  There is also a gap between 1117 and 1121 that bulls might want to reach as a “stretch objective” later today or even tomorrow.   The gap up this morning between 1098 and 1101 must remain open if this wave 5 of v-(1) is to finish in the 1115 to 1121 area.

As I mentioned in the pre-market up, keep an eye on Dr Copper it seems to be diverging with the SP-500 at this wave peak.  Could be a sign of a coming trend change.  And I can’t wait to get a look at the McClellan Oscillator after the close.  If it puts in a lower high than on Sept 3rd, then we are looking at negative divergence and a potential significant SP-500 drop coming.

SP-500 5-min real-time link: http://www.freestockcharts.com?emailChartID=ed538905-d0b1-4728-8416-0dfd0c89380b

SP-500 15-min real-time link: http://www.freestockcharts.com?emailChartID=ff743e43-bee9-4a6c-89b5-2e84f4a71095

SP-500 5-min chart (10:30 am):

 

SP-500 15-min chart (10:30 am):

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