Sept 2nd, 2011: Update 2 – EOD
Posted by pugsma on September 2, 2011
5:40 pm EST: The SP-500 is following my primary count to the letter and value, so no need for an alternate count at this time. If you must have bearish alternate count, then it’s possible that 1231 was the top of major [4]-PA and there will be a major [5]-PA low below 1101 in the coming two to three weeks.
Primary count is that minor A of major [X]-PB completed this afternoon at 1170.56. I’m now looking for a minor B of major [X]-PB bounce of about a 50% retrace to a 1200 target. From there I’m looking for minor C of major [X]-PB to drop to the 1162 aera, where C=0.62*A and which is a 62% retrace of major [W]-PB. Note, there is also a lower minor C of major [X]-PB target of 1139, where C=A and would hold the 1136 pivot. From this [X]-PB low of 1162 or 1139, I’m looking for a 110 point rally for major [Y]-PB to a 1273 or 1249 target. This will complete Primary B (PB).
Support is at the 1168 pivot and then the 1136 pivot. Resistance is at the 1177/1187 pivot area.
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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