Dec 1st, 2010: Update 3 – Afternoon
Posted by pugsma on December 1, 2010
3:35 pm EST: Notice the c=1.62*a target of 1206 works perfectly for the wave (b) termination near 1206 today of the alternate count in red. The next pull-back will very telling. If it can hold above 1200 or worst case 1196, that will be very bullish.
3:20 pm EST: Oh, and just so the short-term momentum bulls to get to cocky today. Here is a low probability alternate count (red) that would allow the 38% retrace of 1156 for wave 4-[1]-P3 still to be hit in the next week or so. A close back under 1187 by EOD of Friday Dec 3rd should do the trick for this count. Odds on this count are less than 10% as long as the 1187 pivot contains all pull-backs.
SP-500 15-min chart (3:15 pm):
3:00 pm EST: Updated 15-min chart. White path of blue path? If we close well above 1206, then the blue path is looking more likely.
SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=6e8e6ea5-3983-4ea5-847e-3facccd59480
SP-500 15-min chart (3:00 pm):
1:40 pm EST: If wave iii-(1) is complete here near 1207, iii=1.62*i, then we are looking for wave iv-(1) to pull-back to at least 1200 or a 23% retrace before wave v-(1) reaches the 1219 pivot, v=i.
Alternately wave iii-(1) could extend to 1222, iii=2.62*i.
SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=b3868646-a6e2-4824-9d3e-8dc09d11ebfa
SP-500 5-min chart (1:30 pm):
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