Aug 8th, 2011: Update 1 – EOD
Posted by pugsma on August 8, 2011
8:50 pm EST: I was able to grab a quick wifi-link at the airport while waiting on my flight home. For some reason FreeStockCharts.com is not working to show my trend lines, channels and labels. So I just put together this quick 60-min chart the primary (red) count and 1st alternate (blue) count. I kept the waves at the minor, major and primary level to keep it simple. We are a cross-roads here. The 1st alternate (blue) count needs to start a bounce higher in a [X]-PB wave toward the 50% retrace target of 1245, as the wave [C]=1.62*[A] target of 1145 to complete PA was exceeded today at 1119. With the intense selling we have seen this can be expected. But for this blue count to be correct the SP-500 needs to turn around at before the 1105 pivot. I was very surprised to see the 1136 pivot taken out today so easily. For the primary (red) count, I have a new target of 1088 to complete minor 3 of major [3]-PA, where minor 3 = 4.22*minor 1. The 4.22 is the next fib target for a wave 3 after 2.62 is exceeded. So we should see 1088 very quickly this week if the primary count is correct. And the minor 4 bounce from 1088 will be to the 1147 (23% retrace) to 1186 (38% retrace). And I have minor 5 dropping down to the 1019 area or the 50% retrace of C1. Notice for the primary count that PA could end around 930 in Sept/Oct or the 62% retrace of C1. This will mean that PC of C2 of SCV will end up near the 78% retrace of 820 sometime in 2012. The the 1st alternate (blue) count after the PB bounce to 1245, we get a PC of C2 target of about 1019 if PC=PA.
Support the 1105 pivot. Resistance at the 1136 pivot.
I will update my main charts tomorrow morning.
SP-500 60-min chart (EOD):
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