PUG Stock Market Analysis, LLC | Technical Analysis Blog

PUG Stock Market Analysis is here to help with SP500, QQQ, IWM, Gold technical analysis, stock analysis and more.

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):

Sorry, the comment form is closed at this time.

%d bloggers like this: