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August 29th, 2011: Update 2 – EOD

Posted by pugsma on August 29, 2011

5:50 pm EST:  Awesome day for the bulls as they produced a key follow-through day to confirm the daily chart bullish oscillator cross-overs from Friday.  All of the charts from the daily on down are now bullish above the 1168/1177/1187 pivot cluster.   I’m ready to make my primary count that Primary A (PA) bottomed at either 1101 as a 3-wave move or at 1121 as a truncated 5-wave move off the May 1371 high.  But for another day or two, I will leave the counts the same with the primary being major [4]-PA is playing out to a 1228 maximum conclusion, where C=A.  And the alternate (blue) count is that PA bottomed at 1121 on Aug 2nd and Primary B (PB) is head for 1250/1280.

For both counts I’m looking for a wave (4) pull-back to the 1193 area, which is a 23% retrace of (3) and to the wave iv of lesser degree, before a final push up to 1228, where minor C=A.

Support is at the 1187, then 1177 pivot.  Resistance is at the 1219, then 1229 pivot.

SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

SP-500 60-min chart (EOD):

SP-500 4-hr chart (EOD):

This entry was posted on August 29, 2011 at 5:51 pm and is filed under SP-500. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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