August 31st, 2011: Update 1 – Morning
Posted by pugsma on August 31, 2011
12:30 pm EST : And the updated Daily chart.
SP-500 Daily chart (12:30 pm):
12:05 pm EST: And the updated 4-hr chart.
SP-500 4-hr chart (12:00 pm):
11:50 am EST: And the 60-min chart update.
SP-500 60-min chart (11:45 am):
11:35 am EST: Here is the updated 15-min chart. Rising wedge for minor major [W]-PB is starting to break down. Need to close below 1219 pivot today to really get the major [X]-PB down to 1176 underway.
SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=d368ab6c-6716-4af5-b57d-0fdddc90f11b
SP-500 15-min chart (11:30 am):
ee
10:50 am EST: Bulls have control of this market now for a counter-trend rally and the intermediate trend is up on both the daily and weekly charts. Primary B (PB) of Cycle 2 upward toward 1250/1281 is the primary count. It will likely unfold as double Zig-Zag (ZZ), with the first ZZ major [W]-PB completing near the 1229 pivot where C=A. Then a major [X]-PB move down to 1176 for a 50% retrace of [W]-PB. Finally major [Y]-PB should move to 1281, where major [Y]=[W].
There are two even more bullish intermediate term scenarios, one of which is that PA bottomed at 1101 as a 3-wave move of 1371 and that PB will trace out a flat or expanded flat to 1371/1440. I will add this to the charts tonight EOD. The other is that 1101 was the Cycle 2 low and Cycle 3 is underway. This later one we’ll keep in the back of minds for now and not chart it.
SP-500 5-min chart (10:42 am):
Sorry, the comment form is closed at this time.
You must be logged in to post a comment.