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Dec 3rd, 2010: Update 3 – Afternoon

Posted by pugsma on December 3, 2010

3:15 pm EST:  For the primary count wave (1) is over at 1221.89 and the SP-500 is headed for 1191/1197.  However there is a nice channel that has formed and for the alternate count (blue), I could see wave iv-(1) trying to make one more low at 1213 (23% retrace) late today or early Monday before heading for 1230 to complete v-(1).  At this point it all depends on how today finishes, but  I wanted to share this before the close.  I will adjust the count after the close and likely eliminate either the white or blue count.

SP-500 5-min chart (3:10 pm):

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