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Dec 13th, 2010: Update 2 – Morning

Posted by pugsma on December 13, 2010

11:35 am EST:  The SP-500 has hit the 1245 pivot resistance area and trying to fight  through it.   There are a bunch of key wave targets in the this 1246 to 1252 area.  First minor W5=0.62*W1 at 1246.   Next the ascending triangle wave (4) target is 1251.  The large IHS  from the 1011 low and neck-line at 1131 has a target of 1251.   And finally minute (5)=(1) at 1252.

For the primary count I’m expecting minor 5 of major [1]-P3 to end today or tomorrow between 1246 and 1252.  From here I’m expecting a significant pull-back for minor A of major [2]-P3 to the 1177/1187 pivot area by Dec 23rd.

I have added back in the alternate count that this 1246/1252 area will only be the completion of minute (1) of minor 5-[1]-P3. Thus the next move will be a minute (2) retrace of 38% to 1221 and the 1219 pivot support.  This retrace should last 3 to 5 days.  The current pain for OPEX this friday is SPY 122.0 (SPX 1215).  Something to think about.  From there minute (3) and and minute (5) would carry the SP-500 to the minor W5=W1 target of 1291 by mid-January.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=12aff992-46cd-4fcd-b5d2-dc77e926a4c4

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=ef8b0873-21fe-459c-8968-e95d7c15a27a

SP-500 5-min chart (11:20 am):

SP-500 15-min chart (11:20 am):

SP-500 60-min chart (11:20 am):

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