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Feb 23rd, 2011: Update 3 – Mid-day

Posted by pugsma on February 23, 2011

12:45 pm EST:  Looks we had a very weak wave (b) flat this morning.  Wave (c) headed for 1300 if (c)=0.62*(a) or 1289 if (c)=(a).  I’m watching for positive divergence to form on the 15-min MACD on the next low and then a “buy” signal on the MACD signal line cross above the moving average with the histogram going positive.

Note the bottom of the rising wedge began at 1294.83 back on Feb 3rd.   This is good target area for this retrace.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=be306bcc-acd0-448f-9f62-a3f1ed0bab6d

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=ab6001e9-98f9-42c8-9e54-d8bd9234c234

SP-500 5-min chart (12:50 pm):

SP-500 15-min chart (12:42 pm):

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