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Dec 16th, 2010: Update 3 – Mid-day/Afternoon

Posted by pugsma on December 16, 2010

2:45 pm EST:  The SP-500 is setting up for wave iii in either direction.  Primary wave iii-(a) down to 1221 or alternate wave iii-(5) up to 1154.   Should make for a volatile OPEX Friday.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=8a8eb3a8-81bc-44e3-83a1-78bdd1fa2e94

SP-500 5-min chart (2:40 pm):

12:10 pm EST:  Updated 15-min chart.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=55edea75-dab1-49b5-8671-2f3a1fefd841

SP-500 15-min chart (12:05 pm):

12:00 pm EST:  For the primary count the SP-500 put in a leading diagonal for wave i-(a) and a wave ii-(a) bounce to 1241/1243 (62%/78% retrace) is expected.  Wave iii-(a) should drop to the 1219 pivot area, or iii=1.62*i.

For the alternate count wave (4) is complete and wave (5) is headed to a new high above 1246.73.  Wave (5)=(1) at 1260, or the 1257 pivot resistance.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=7e6dbc8d-4cd6-446c-91f0-6e88009c9bda

SP-500 5-min chart (11:55 am):

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