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Aug 9th, 2011: Update 1 – Morning

Posted by pugsma on August 9, 2011

9:10 am EST:  With the massive reversal in the ES Futures over night (ES 1077 to 1140)  there is a chance the alternate (blue) count has a bottom put in at 1119 from yesterday.  In which case minor A-[X]-PB is underway and likely headed for the 1168 pivot.  I’m expecting PB to reach 1245 or a 50% retrace of PA.  The primary (red) count is at that minor 3-[3]-PA was put in at 1119 yesterday and minor 4-[3] is underway headed towards the 1168 pivot (23% retrace of minor 3).  From there major [3]-PA should end at about 1110, where minor 5=1.

Support is at the 1105 pivot and resistance at the 1136 then 1168 pivot.

SP-500 5-min chart (EOD 8-8-11):

SP-500 15-min chart (EOD 8-8-11):

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