Oct 5th, 2010: Update 2 – Morning
Posted by pugsma on October 5, 2010
11:15 am EST: This triangle may possibily evolving yet again into a very large ascending triangle. May back-off near 1157 today and re-test the 1150 break-out in the (e)-(4) wave. This ascending triangle has the same target (1191) as before: 1157 + (1157-1123) = 1191.
SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=f7b2f6ed-ada8-437b-8def-15f9e3964e0e
SP-500 15-min chart (11:05 am):
10:05 am EST: I’m going to call this move to 1150/1152 resistance area as the completion of wave c of (d)-(4). You can see a small a-b of (d)-(4) yesterday afternoon and then the c wave explosion higher today. I’m now looking for the (e)-(4) wave to test the open gap from 1137 to 1140 before launching upward in a wave (5) thrust towards 1171 (min) to 1191 (max). Just keep in mind that the (e) wave retrace does not have to drop to the bottom of the triangle (1137) and often times comes up well short before launching higher.
SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=8b4ef289-4cf8-4457-9fd9-299fa2496331
SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=41ff4919-3684-4009-9cf4-9d9c627052d6
SP-500 5-min chart (10:05 am):
SP-500 15-min chart (10:10 am):
Sorry, the comment form is closed at this time.