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Aug 15th, 2011: Update 1 – Morning

Posted by pugsma on August 15, 2011

10:30 am EST:    Bulls continue to regain the upper hand here this morning.  For the primary (red) count  major [4]-PA is pushing the envelope of the 38% retrace area around 1198.   Even though major [4]-PA can reach up to 1258 without over lapping major [1]-PA and becoming invalid,  if the move higher closes the 1199/1200 area gap from the US Debt Downgrade and moves to the 1219/1229 pivot range, then it’s very likely not a viable count any longer.  In which case I’ll have to change 1101 to the PA low of the [A]-[B]-[C]-[X]-[A]-[B]-[C],  3-3-3 wave, PA-PB-PC large Zig-Zag for Cycle 2 count.  And this means the PB wave up towards at 50%/62% retrace of 1236/1268 is underway.

The alternate (blue) count for a P4-C1 bottom at 1101 and now major [1]-P5-C1 wave headed for the 1258/1275 area is looking very good this morning.   The minute (2) of minor 3 of major [1]-P5 was put in on Friday at 1173 and now minute (3) of minor 3 is underway headed for the 1233.

SP0500 5-min chart (10:18 am):

SP-500 15-min chart (10:52 am):

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