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Jan 4th, 2010:

Posted by pugsma on January 4, 2010

9:05pm:  OK, charting software is working again.  Below are the updated 15-min and 60-min charts.  SP-500 was definitely pinned against the upper trendline that has held as resistance since Oct 19th at 1101.  I think it will contain this wave (5) peak.  However, if it busts decisively over this upper line, there is almost no resistance on the charts unitl 1180 to 1200.  I’m not saying this is going to happen, but it is something to watch-out for if you are bearish.

15-min Chart:

60-min Chart:

2:50pm:  Nothing new to discuss.  The SP-500 peaked at 1133.78 early this morning and has drifted sideways all day long.   Likely we are in wave iv of (5) of 5 of 1 of [5] of P1.   Still looking for v of (5) to get us towards the 1137 to 1141 target.   FreeStockCharts.com is messed up today, so no new charts after the close.  But everything is clearly laid out on the 5-min chart below.

With the SP-500 hitting a new high at 1132.76 thus far this morning, we can be sure the wave (4) ended at 1114.81 on Dec 31st and the alternate counts have been eliminated.  Technically, wave (5) could end here at anytime since a new high has been hit.  But my thinking is a level of 1135 to 1141 is very likely.  (5)=(1) at 1137.  And a level as high at 1154 is on the table so that wave 5 < 3 from the 1029 low.

5-min Chart:

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