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Nov 10th, 2010: Update 2 – Morning

Posted by pugsma on November 10, 2010

11:30 am EST:  Looks like a possible bear flag has formed for wave iv-a-(a), indication a  good possibility that another leg down to the 1198 to 1200 are is coming in wave v-a-(a).

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=4102acf4-40f4-4f3b-ae3f-de18bff13feb

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=12fc82a7-175d-4c77-9317-34621166b8fa

SP-500 5-min chart (11:20 am):

SP-500 15-min chart (11:30 am):

10:30 am EST:  There is no doubt now that this move down from 1227 to 1204 is part of my primary count for minor wave 4-[1]-P3.  I belive we are still in the final stages wave a-(a), which is a 5-wave drop.   Wave a-(a) has exceeded my initial target of 1207 slightly.  And there is possibility that more selling today could bring it all the say down to the middle channel line area and 1198 gap.   Once wave a-(a) completes, we should be looking for a b-(a) 3-wave move sideways to higher with targets in the 1214 to 1219 area, depending how deep wave a-(a) goes.   Ultimately, I’m looking for c-(a) to target the 1187 area and maybe as deep at the 1177 pivot.

SP-500 5-min chart (10:25 am):

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