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Oct 26th, 2010: Update 3 – Mid-day

Posted by pugsma on October 26, 2010

12:10 pm EST:  Looks like a potential bearish rising wedge (bear flag) has formed on the 5-min chart.  For the primary count, I’m expecting a about a 13 point drop from 1186 to 1173 for wave 3-iii of (a) later today going into to tomorrow.   The SP-500 will have to break above 1191.44 to negate this count.

SP-500 5-min chart (12:05 pm):

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