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August 26th, 2011: Update 2 – EOD

Posted by pugsma on August 26, 2011

4:55 pm EST:   I’m going to leave the two counts (primary and alternate) identical to last night’s EOD update and ignore intraday switch-over to the alternate count today.  The SP-500 put in a very bullish daily hammer candle today off the test of the 1136 pivot support.   This should be good for some continuation higher early next week.  Also the SP-500 closed above the bear/bull 13-day EMA of 1172 with a daily MACD bull cross confirmation for the 2nd consecutive day.  And the SP-500 is now positioned to move above the 20-day SMA of 1181, which would be another bullish confirmation.  There is even the possibility that Primary B (PB) is underway and 1121 was the turncated major [5]-PA low this week.   But will wait for more confirmation of that count if the market continues to move higher toward 1250/1280.

Primary (red/white) count is that major [4]-PA is headed up to the 1228 area (where C=A) to test the parallel down channel off the 1371 high from early May 2011.  Today’s drop to 1136 was wave (2) of minor C of major [4]-PA.  And the rise to 1180 this afternoon is part of wave (3) of minor 4 of major [4]-PA.  I’m looking for (3) to reach about 1200/1208 before wave (4) re-tests the 1177/1187 pivot support and then wave (5) completes near the 1228 target.

The alternate (blue) count remains that the SP-500 is trapped in a large contracting triangle for major [4]-PA.  Today’s drop to 1136 completed the  minor D leg right on target and now the minor E leg is underway.  This minor E leg should not breach the 1191 minor C leg high.

Support is at the 1168 pivot and then the 1136 pivot.  Resistance at the 1177/1187 pivot then the 1208 recent high.

That’s it for today’s quick EOD update. I will try to add more charts and commentary this weekend.  Right  now,  I’m off to watch my sophomore son’s first official football game of the 2011 season.    Have a nice weekend and for those of you out on the East Coast of the USA, stay safe.

SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

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