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):
Sorry, the comment form is closed at this time.
You must be logged in to post a comment.