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Dec 10th, 2010: Update 2 – Morning

Posted by pugsma on December 10, 2010

11:55 am EST: Finally here is the major wave [2]-P3 correction shown on the daily chart with the complete bull channel since the March 2009 low.

SP-500 Daily Chart (11:50 am):

11:45am EST:  Here is your possible road-map for major wave [2]-P3 on the 60-min chart.  Notice the long-standing bull-market line coming in around 1150 by late Feb.  I have minor A-[2]-P3 dropping to 1177/1187 pivot by end of 2010, then minor B-[2]-P3 rising to 1219/1229 pivot my mid-Jan and finally C-[2]-P3 dropping to 1160 (38% retrace) by mid-Feb.  The minor B-[2]-P3 could be the so-called” Santa rally into Q4 earnings.

SP-500 60-min chart (11:40 am):

11:15 pm EST:  Added 15-min and 60-min charts.   The one thing the ascending triangle with target to 1251 has going for it is that it will likely push the Nasdaq-100 to a double top with the 2007 high. 

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=2c875fed-8287-426d-aa07-0c4ebda9ca3c

SP-500 15-min chart (11:10 am):

SP-500 60-min chart (11:10 am):

11:00 am EST:  Pick your poison.  Wave (5) Ending Diagonal (ED) that ends near 1240 today or ascending triangle that ends near 1251 on Monday/Tuesday.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=34215fa2-0d13-4481-99f8-cdcf4b43da2e

SP-500 5-min chart (10:50 am):

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