Dec 27th, 2010: Update 3 – EOD
Posted by pugsma on December 27, 2010
5:45 pm EST: The primary count is wave v-(5) of 5-[1]-P3 is underway with a target of 1260 to 1262 for tomorrow. Wave (5)=(1) at 1260 and wave v=i at 1262. In this scenario, major degree [1]-P3 will end before the new year and major degree wave [2]-P3 will 38% retrace to 1165 going into late Jan 2011.
The alternate count (blue) is that a wave ii-(5) of 5-[1]-P3 is playing out as a flat or expanded flat. The b-ii-(5) is complete or nearly complete at 1258/1262 and the SP-500 should drop down to test 1250 or even the 1245 pivot support going into the end of the year. From there wave iii-(5) would target the 1295 area and wave v-(5) could reach 1304 by mid-January 2011. Once reaching the 1304 area to complete major wave [1]-P3, major wave [2]-P3 will retrace 38% to about 1193 going into mid-Febuary.
While I still have the 2nd scenario as the alternate count, I actually favor this count as long as the 1245 support continues to hold.
SP-500 5-min chart (EOD):
SP-500 15-min chart (EOD):
SP-500 60-min chart (EOD):
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