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June 8th, 2011: Update 1 – Morning

Posted by pugsma on June 8, 2011

10:30 am EST:  Here are the updated 5-min and 15-min charts.  Primary count is right on track with the 1280.06 price low possibly ending minor 3 of [C]-P4 or maybe one more push down to the 1276 target area.   The alternate count (blue) has been modified to show minor 5 ending here around 1280.05 as part of an extended 5th wave of [C]-P4 per the yellow channel.  The alternate count is looking stretched but with bearish sentiment nearing an extreme and the oversold conditions of the hourly MACD/RSI and McClellan Oscillator it could set a bottom soon.

SP-500 5-min chart (10:30 am):

 

SP-500 15-min chart (10:30 am):

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