Jan 5th, 2010:
Posted by pugsma on January 5, 2010
5:16pm: I apoligize for the late update tonight. I was looking to see if a good 1-min count could be found. Quite honestly, the 1-min micro count on the SP-500 is just plain ugly, so I won’t post it. Instead, I took a bigger picture look at the 15-min and 60-min counts. This thrust move up and out of the rectangle has formed a very classic parallel channel for waves (1)-(3) and waves (2)-(4). In looking at this upper channel line it is clear that a level of near the maximum target of 1154 for wave 5 < 3 (since 1029 bottom) could be met by early next week. So, I won’t be surprised if this wave (5) continue to extend. Then minimum target of 1137 for wave (5)=(1) was hit today. And the 1141 rectangle target is quickly approaching as well.
15-min Chart:
60-min Chart:
Daily Chart:
10:00am: We got a push up to 1136.47 (almost 1137) for the minimum wave (5) target. On the 5-min chart below, I show a possibility that wave (5) is over here. And there is an alternate count with a possible ending diagonal for wave (5) that could last for several more days and make a new high. I’m not super confident in this count ending wave (5) here at 1137. I have the feeling it wants to drift higher, maybe to the 1141 target or even some over-throw into the 1150 area.
5-min Chart (10:00am):
8:35am: Markets open flat. Feels like a wave iv of (5), with one more push to 1137 needed to complete this move.
Also, I changed over the background to a light grey from the mustard yellow. Does this help with reading the comments?
Sorry, the comment form is closed at this time.