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Oct 26th, 2010: Update 2 – Morning

Posted by pugsma on October 26, 2010

10:45 am EST:  So far a perfect back-test of the broken ED lower channel line (green) at 1185.80 that stayed below 1186.36.

SP-500 5-min chart (10:40 am):

10:20 am EST:  It’s a very simple trade now.   The SP-500 must break below 1177.71 to comfirm 5-waves down and the start of (a) of 4-[1]-P3 for the primary count.  If not, then it’s a 3-wave drop to 1177.17 as part of iv-(5) of 3-[1]-p3 and it’s off to a new high above 1196.14 for the alternate count.   Also, if the SP-500 breaks above 1186.36, then it’s a wave-iv into wave-i overlap for the primary count and it will have to be a i-ii, 1-2 start to wave (a) that remains below 1191.44.

9:55 am EST:  Just as expected, the SP-500 is testing the pivot support at 1177 this morning.  So far it’s held with a morning low of 1177.72.  If it continues to hold support, then the alternate count for the larger ending diagonal is still in play and a new high above 1196.14 is still on the table.  If it breaks through 1177 support then the primary count is confirmed.

Also remember on any bounce up the key level to watch is 1191.44 for the primary count to remain valid.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=d233803d-e556-4b9c-b628-f4a3ed40bb0d

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=ae15d37a-1533-4b11-98cc-8c0e755d74af

SP-500 5-min (9:50 am):

SP-500 15-min chart (10:00 am):

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