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Oct 6th, 2011: Update 1 – Mid-Day

Posted by pugsma on October 6, 2011

3:25 pm EST:  Updated 5-min chart.  Watching the small up channel.  A move above 1160/1161 before a channel break, could like to wave v-(5) move to 1169 target.

SP-500 5-min chart (3:18 pm):

12:45 pm EST:    For the primary (red) count the SP-500 has exceeded the minor 2 of major [3]-PC 62% retrace target of 1150 and is half-way to the 78% retrace of 1169.  There will be a lot resistance at the 1168 pivot, the falling 34-day EMA of 1172 and the falling 50-day SMA of 1180.  The top of the down channel is also at about 1161 EOD today.  For the alternate (blue) count assuming minor 1 of major [A]-PB ends at 1160, I have added the new retrace targets for minor 2 of major [A]-PB onto the 15-min chart below.   If minor 1 extends further to 1169, then the retrace levels must be adjusted higher.

SP-500 15-min chart (12:39 pm):

 

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