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Oct 8th, 2010: Update 5 – EOD – Ending Diagonal?

Posted by pugsma on October 8, 2010

4:55 pm EST:  You can sign-up for the Premium Service for $15 for the final three weeks of October.  Just e-mail me at pu_gridiron@yahoo.com to get started.

4:50 pm EST: It looks like wave v-(5) of 3-[1]-P3 is playing out as Ending Diagonal (ED) triangle.  The ED should have 5-waves each made up of 3 sub-waves (i.e. a 3-3-3-3-3 pattern).  I have the primary count as wave a-v-(5) hitting 1168 late today.  Then wave b-v-(5) got underway at the end of the day.  And finally maybe one more push higher on Monday in wave c-v-(5) to the 1172 to 1175 target area.  This ED count can seen on the 5-min chart.   However, with the 1168 pivot resistance being hit, the ED could be complete today.  But if wave v-(5) extends on Monday, it can’t exceed 1161.60 + 13.83 => 1175.43.  So you have nice top end target to set your stops at if you are going short the SP-500 based on this ED count.

For the pull-back of wave 4-[1]-p3, I’m looking at 23% retrace which is at 1137.  Or  another deeper retrace target would be 38% or 1120.  I think holding above the IHS neckline support at 1131 for wave 4-[1]-P3 will be a key to the final year-end push towards 1251.

Time for some football.   Have a great 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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