Oct 25th, 2010: Update 2 – Morning
Posted by pugsma on October 25, 2010
11:30 am EST: Updated 5-min chart. Staying above this mornings gap of 1183 to 1185, keeps the alternate count alive for a move to 1210 to 1220 by early next week. A break down through 1183, likely means wave 3-[1]-P3 has ended.
SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=47585a61-6b31-4c26-9b05-abc06b4ac983
SP-500 5-min chart (11:25 am):
11:05 am EST: Here is the updated 60-min chart, and you see why 1192 to 1202 is good spot for this wave 3-[1]-P3 to peak. This chart also shows the 50 point large ascending triangle for minor degree wave 4-[1]-P3 that I expect to develop between 1150 and 1200 over the next month (November). Add the 50 points to the top of the triangle (1200) and you get a target of 1250 for wave 5-[1]-P3, same as the large IHS target of 1251.
SP-60 min chart (11:00 am):
10:50 am EST: The primary count for the expanded flat for the beginning of 4-[1]-P3 has been eliminated. The alternate count for the Ending Diagonal wave v-(5) of 3-[1]-P3 becomes the primary. The maximum of this ED count is 1202. As of right now the SP-500 has turned back right at the 200-week SMA of 1195. In April 2010 the 200-week SMA at 1220 capped the Feb-Apr rally. If this ED count holds, I’m expect a drop to the 1130 to 1150 area for wave 4-[1]-P3. This wave 4 of minor degree should retrace to about the wave (4) of minute degree.
I have a new alternate count, that was discussed in this morning’s 1st update that has this move up from 1159.71 as wave iii-(5) of 3-[1]-P3. I’d expect this iii-(5) wave to reach about 1205 to 1210. And wave v-(5) to reach 1210 to 1220. On the 15-min chart there is an Inverse Head and Shoulders (IHS) with neckline between 1185 and 1189 and target of between 1210 to 1220 with this count. The idealized target for this wave 3-[1]-P3 is 1232 for W3=1.62*W1.
SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=7d65e617-42be-41cd-b1cd-ffe245b33056
SP-500 15-min chart (10:45 am):
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