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August 31st, 2011: Update 2 – EOD

Posted by pugsma on August 31, 2011

5:20 pm EST:   The SP-500 has put in 4 consecutive bullish days and confirmed the bull crosses in the Full-Sto and MACD that I mentioned this past Friday, August 26th.  Also the SP-500 has been positive  7 of the past 8 days.   I hinted last Friday that I would change my primary count to the alternate count where Primary B of Cycle 2 is underway since 1121 and headed to 1250/1280, if the market continue to follow through in a positive fashion the next few days.  That is precisely what has transpired and the change in the primary count is confirmed.  Also, the continued bullish nature of the market has brought an even more bullish intermediate term possibility that the Primary A of Cycle 2 bottom at 1101 in a 3-wave move down from 1371.  Thus, we can expect a 3-wave Primary B wave back up to test the old 1371 high in a Cycle 2 flat count.  This is the new alternate (blue) count.

Primary count is that minor C of major [W]-PB ended today at 1231, where C=A at 1228.  The next move is a 3-wave, major [X]-PB toward the 1163/1174 area (62%/50% retrace).   The first waves (1) and (2) of minor A of major [X] could have been put in today.   If so, then wave (3) is headed for the 1187 pivot, where (3)=1.62*(1).

The alternate (blue) count is that the SP-500 has been a minor 3 of major [A]-PB wave up since the 1121 low last Monday, Aug 22nd.  The target for minor 3 of major [A]-PB is 1294, where minor 3=1.62*minor 1.  And major [A]-PB should reach the 1303/1315 pivot area.  Right now, I have the heart of wave (3) of minor 3 underway with a 1250 target, where (3)=1.62*(1).

Support is at the 1219 pivot area, then the 1187 pivot.  Resistance is at the 1229 pivot, then the 1245/1257 pivot cluster.

SP-500 5-min chart (EOD):

SP-500 15-min chart (EOD):

SP-500 60 min chart (EOD):

SP-500 4-hr chart (EOD):

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