January 18th, 2012: Update 1 – Morning
Posted by pugsma on January 18, 2012
12:50 pm EST: Here is the updated SP-500 15-min chart. The primary count continues to be right on track with this market. We have a first target for wave v-(5) of minor 3 at 1307, where v=1.62*i, but here is also a target at 1319, where (5)=(1). There is pivot resistance at 1315. The blue alternate count variant was eliminated with the push above 1303.00. You can see the minor 4 of major [3]-P1-C3 pull-back targets listed on the 15-min chart once we complete the minor 3 wave up.
SP-500 15-min chart (12:45 pm):
12:00 pm EST: Here is a look at the NDX weekly chart. Boy this sure is a scarey looking “bear market” we’re in since March 2009. Since March 2009, the NDX has made a 8.8% higher, high at 2437 than the November 2007 top at 2239. This sure is one fierce “bear market”.
NDX-100 Weekly Chart (11:53 am):
11:35 am EST: Here is a quick look at the market leading NDX (Nasdaq-100). This 2412 area we are hitting today is key resistance and represents the neck-line area of a larger Inverse Head and Shoulders that measures 377 points and projects to a 2789 target. This represents a +15% rise in price for the NDX from here and matches up well with my SP-500 target of 1400-1440.
NDX-100 daily chart (11:25 am):
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