Feb 22nd, 2011: Update 2 – Morning
Posted by pugsma on February 22, 2011
10:55 am EST: Here is the updated 5-min chart. Pushing back up through 1338.12 would confirm the primary count that wave v-(5) of 3-[3]-P3 has a new high to make above 1344.07. And pushing back down through this mornings low fo 1325.10 would confirm the alternate count is underway and minor 4-[3]-P3 will be looking for a new low at 1315 (triangle) or as deep at 1279 (ZZ).
SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=ea3c0405-9c32-4e6c-8e95-6a9ec3d5cf91
SP-500 5-min chart (10:53 am):
10:35 am EST: First off freestockcharts.comnot showing the correct price levels this morning. It will typically sort itself out after an hour or two.
The Minor degree wave 4-[3]-P3 correction may not be underway just yet. Stepping back and looking at the waves from 1275 to 1344 again and taking into account today’s drop to 1325 strong bounce, I have placed the top of iii-(5) of 3-[3]-P3 at 1344.07 for the primary count. Friday’s drop in conjunction with today’s drop to 1325.10 can only be counted as a 3-wave a-b-c thus far for wave iv-(5). The target for v-(5) of 3-[3]-P3 is 1359 (where v=i) , which remains the same as I had it labeled last Friday, Feb 18th. Also the green channel lines needed to be shifted to a slightly lesser slope to accommodate this new primary count. The top of 3-[3]-P3 should occur sometime after the 1st of March next week.
Alternatively, a drop back down through 1325.10 to complete a 5-wave sequence off the 1334.07 high would convince me that wave (a) of 4-[3]-P3 is being put in with a target near the 1315 pivot. Note that this alternate count (blue) could complete a deep Zig-Zag to the 1279 area (38% retrace) or a shallow triangle to the 1315 area (23% retrace). I have it labeled on the 15-min chart a deep ZZ, but keep the triangle count in mind if the 1315 pivot support holds the decline.
SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=4d4e74d4-93ab-47b2-86c5-d9f2cc32bdf1
SP-500 15-min chart (10:25 am):
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