Dec 8th, 2010: Update 3 – Mid-day/Afternoon
Posted by pugsma on December 8, 2010
3:20 pm EST: The rise today does look corrective in nature and it hit my b-wave target for wave (2) of the 1st alternate (blue) count. The final wave (2) targets are 1214 where c=a or 1205 where c=1.62*a.
SP-500 15-min chart (3:15 pm):
12:10 pm EST: Lots of options for counts here. But the generate trend is still up and we should reach my 1251 target before the end of 2010.
Primary (white) is still that this is part of wave (4) that will hold above the 1219 pivot and then head for 1251 to complete major [1]-P3 over next week or two. This count completes the cake.
1st Alternate (blue) is this is part of minute wave (2) of 5-[1]-P3 and a test of the 1204 is coming in the next severval days. Then the major [1]-P3 can reach a high of 1291 over the next month. This is the icing on the cake.
2nd Alternate (red) is that major wave [1]-P3 topped at 1235 yesterday. It’s all down hill for the next 2 to 3 months toward targets in the 1100 to 1130 range.
I favor the primary or 1st alternate count 4 to 1 above the bearish 2nd alternate count, unless the 1200 area breaks-down this week.
SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=91277650-38ff-4a32-8ac1-03d12965546a
SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=cbdcb525-8c8b-4460-84c0-b2f2cfa0678c
SP-500 5-min chart (12:00 pm):
SP-500 15-min chart (12:00 pm):
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