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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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