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Oct 14th, 2010: Update 3 – Afternoon

Posted by pugsma on October 14, 2010

2:30 pm EST:  The 1168.68 level was breached ever so slightly at 1168.58.  Thus, the primary count as labeled was invalidated with a W4 into W1 violation.  However, there is another way to label the primary count with wave ii-(5) at 1155.71 and the move to 1184.38 as wave 1-iii-(5).  Thus, today’s drop to 1168.58 was right between the 50% *(1070) and 62% (1166) retrace of wave 1, which is consistent for a wave 2.   So the primary count is that we are in wave 2-iii-(5), and it must stay above the 1155.71 level to remain valid.  However, realistically if it drops below 1168, then it must close above the 1168 pivot support today to keep this as my primary count.

The alternate count is unchanged.  And we are working on a wave iv-(a) right now with another drop for wave v-(a)  to about 1161 coming by the end of the day. 

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=a32b1502-47c8-44c9-b025-2dc0b9b5f437

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=58dc3576-6eca-460b-ba35-08b2d467a14e

SP-500 5-min chart (2:20 pm):

SP-500 15-min chart (2:20 pm):

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