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Oct 1st, 2010: Update 3 – EOD – Stuck in the Middle

Posted by pugsma on October 1, 2010

4:55 pm EST: Triangle waves love to cut the traders up; so here is Peter Murphy’s “Cuts You Up” to enjoy for the weekend.

4:30 pm EST:  Looks the SP-500 is stuck in the middle between deciding if it’s in an ascending triangle wave (4) or a contracting triangle wave (4).  If it’s the ascending triangle (alternate count in blue) then it’s about to pop up above 1150 and break-out towards a target of 1177 next week in wave (5).  If it’s the contracting triangle (primary count) then it’s about to drop down to about 1131 for wave c-(c)-(4), and then bounce around between 1137 and 1150 in waves (d) and (e) most of next week before breaking up to 1191 in wave (5) towards the middle to end of October.

For the bears to get any traction and produce a trend change from up to down, they have to bust the 1123 support.  They are not close to this yet, so there is no need for any bearish alternate counts at this time.

Have a nice weekend !

SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

SP-500 Daily chart (EOD):

 

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