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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