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Dec 20th, 2010: Update 2 – Mid-day

Posted by pugsma on December 20, 2010

1:30 pm EST:  SP-500 5-min chart added.

SP-500 5-min chart real-time link: http://www.freestockcharts.com?emailChartID=b58dfb4c-d106-4e76-bd96-03b325ff8702

SP-500 5-min chart (1:19 pm):

1:10 pm EST:  And one thing to keep in mind for the alternate count is that now that 1246.73 has been breached to the upside at 1247.90, technically speaking wave (5) of 5-[1]-P3 can be considered complete from an E-wave perspective.  It does not have to rise to the wave (5)=(1) target of 1260 and could terminate at anytime.   And recall the large inverse head and shoulder with head at 1011 and neck-line at 1231 had a target of 1251.

1:05 pm EST:  Very boring day and nothing has changed.  For the primary count I still believe a wave (4) is playing out as a flat or expanded flat and wave B-(4) is playing out to the 1250 area.  From there I’m expecting a wave C-(4) drop to the 1227 to 1233 area going into the end of the year, for some profit taking.  Then in early to mid-Jan 2011 there will one more rise to the 1257/1260 to complete wave (5) of 5-[1]-P3.  This will complete major [1]-P3 and a 100 point (-7.5%) correction to 1165 (38% retrace) will transpire for major [2]-P3 in late Jan to mid-Feb 2011.

The alternate count is that wave (4) compleated at 1233 last Thursday and wave (5) is headed for 1257/1260 this week to complete 5-[1]-P3.   And the same 95 point (-7.5%) correction down to 1165 for major [2]-P3 will occur in Jan 2011 to early Feb 2011.

SP-500 15-min chart real-time link: http://www.freestockcharts.com?emailChartID=936fa96c-c2ce-4c61-a105-20470c73edcf

SP-500 15-min chart (12:53 pm):

 

 

SP-500 60-min chart (12:53 pm):

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