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Oct 21st, 2010: Update 3 – Afternoon

Posted by pugsma on October 21, 2010

1:15 pm EST:  For the primary count, retracement targets for wave 2-iii-(5) are 1178 (38%), 1175 (50%) and 1171 (62%).  The SP-500 has already dipped to 1178.42 and bounced.   There is obviously pivot support at 1177  and there was the gap up open from today at 1178/1180 that was closed as well.  If the SP-500 can close above the 1177 pivot support again today for the 2nd day in row., the next move up in wave 3-iii-(5) could be next.    I’m looking for 1200 to 1205 for this move higher.

Of course any break-down below 1177 and close there, opens the door for a move lower towards the 1150 target of the alternate count.

SP-500 15-min chart (1:05 pm):

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