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Feb 12th, 2010: A Bullish Week

Posted by pugsma on February 12, 2010

4:30 pm EST:  After 3 straight weeks of declines the SP-500 managed to produce a 11 point gain on the week and closed above key support at 1075.51.  The main down channel was broken yesterday and a back-test of the channel break was confirmed by a bullish bounce off of 1063 today.   The SP-500 is now well position for additional gains going into options expiration (OPEX) week.

Below is my most update 5-min chart.  There is a lot going on this chart.  But on the bullish side (green counts), there is possible ending diagonal (ED) count for the “c of B” leg that would play out to about 1087 later next week.  And on the more aggressvie bullish side the “c of B” leg could reach 1104 if it’s just a started a 5 wave impulse up and out fo the contracting triangle.   On the bearish down side (red counts), there are two counts one for 4 of (5) of A with a target near 1040 and nd then there is the most aggressive bearish count that says the B-leg is over at 1080 yesterday and we are beginning the nasty C-leg down to targets in the 950 range.  Finally there is a 5th count that is my alternate count (purple count) were P1 is not finished and we have a potential leading diagonal (LD) for wave 1 of [5] of P1. 

Is that confusing enough for you?  🙂   Things could break either way as the SP-500 is balanced are on a knife’s edge or tipping point.  Have a great President’s Day Holiday weekend !

5-min Chart (EOD):

15-min Chart (EOD):

60-min Chart (EOD):

Daily Bullish Model Chart (EOD):

Daily Bear Model Chart (EOD):

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