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Oct 15th, 2010: Update 4 – EOD

Posted by pugsma on October 15, 2010

 10-15-10: You can sign-up for the Premium Service for $10 for the final two weeks of October. Just e-mail me at pu_gridiron@yahoo.com to get started.
 4:45 pm EST:  OK, here’s my thinking.   The price action the past 2 days has all the ear-marks of a consolidation (contracting triangle) above the 1168 pivot support.   Triangles need to be in either 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 5-min and 15-min charts.
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.  The 23% retrace target is 1151 and the 38% retrace target is 1130.

I currently favor the primary count about 4 to 1 over the alternate.  The SP-500 is still inside the rising price channel off the 1040 low in late August and remains above the key 1168 pivot support.

On the daily chart the 13-day EMA has moved up to 1161 and will provide added support just below the 1168 pivot support.   The projection is still that major degree wave [1]-P3 with reach at least 1251 by the end of 2010.

Enjoy your 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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