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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