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Oct 15th, 2010: Update 3 – Afternoon

Posted by pugsma on October 15, 2010

3:45 pm EST:  OK, here’s my thinking.   This has all the ear-marks of a consolidation (contracting triangle) above the 1168 pivot support.   Triangles need to be in a wave 4 or wave b position.  So I’m going to modify both my primary and alternate counts to what is shown below on the 15-min chart.

Primary count:  This triangle is wave iv-(5) of 3-[1]-P3.   Triangle targets are between 1192 to 1202 to complete wave 3-[1]-P3 next week.

Alternate count:  This triangle is wave (b) of 4-[1]-P3.  There will be a drop to 1149 to 1158 for wave (c) of 4-[1]-P3 next week.

I currently favor the primary count about 4 to 1 over the alternate.

SP-500 15-min chart (3:35 pm):

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