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October 20th, 2011: Update 1 – Mid-day

Posted by pugsma on October 20, 2011

1:15 pm EST: Here is what the flat for minor B would look like on the 5-min chart.  Minor B could also play out a triangle below the 1219 pivot.

SP-500 5-min chart (2:09 pm):

12:50 pm EST:  So far things have gone just as forecast today:  a wave (4) bounce to 1216 and a wave (5) drop to 1197 to complete minor A of either major [B] or [2].  The minor B bounce could be a 50% retrace to about 1215, followed by a 36 point drop to 1179, where C=A to complete major [B] or [2].

I would caution that he SP-500 looks very weak here and that the the minor B bounce might not be a full 50% retrace to 1215.  It could be a small consolidation triangle below the 1210 area.

SP-500 5-min chart (12:43 pm):

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