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August 29th, 2011: Update 1 – Morning

Posted by pugsma on August 29, 2011

10:35 am EST:  Primary count is looking great this morning with wave (3) of minor C of major [4]-PA headed for the 1200/1208 target.  I’m looking for major [4]-PA to reach the C=A target of 1228.

The alternate (blue) count large contracting triangle for major [4]-PA is dead with the minor E wave breach above 1191.  There is still a possible even larger contracting triangle with this move up to 1200 completing minor C, with D down E up yet to come.  A move above the minor A of 1208 kills of this possibility.

The new alternate (blue) count becomes that 1121 on Aug 22nd was the failed major [5]-PA bottom and Primary B (PB) began from that point with a target of 1250/1280 over the next couple of months.   This move up from 1136 towards 1219/1228 is minor C of major [W]-PB.  There will be an [X] wave down to the test the 1168/1177/1187 pivot cluster once [W]-PB completes.

SP-500 5-min chart (10:30 am):

SP-500 60-min chart (10:45 am):

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